Series 14: 9.1.1. Types Of Public Communications

Taken from our Series 14 Online Guide

9.1.1. Types of Public Communications

Almost all communications with the public are strictly regulated by FINRA, requiring that a registered principal attest to the truthfulness of their content and that the member firm retain copies both in its own records and with FINRA’s Advertising Regulation Department.

FINRA organizes communications with the public into three broad categories. Knowing these categories will help you to remember the rules related to each.

1. Institutional communication. Written communications, including electronic communications, that will be distributed or made available only to institutional investors. This definition does not include internal memos, but firms need to supervise internal communications. The definition also does not include communications that may eventually fall into the hands of retail investors. A firm is advised to use legends warning clients that the communication is not intended for retail investors.

Note: By FINRA standards, a password-protected website limited to institutional investors is considered a form of institutional communication.

2. Retail communication. Written communications, including electronic communications, that will be distributed or made available to more than 25 retail investors within any 30-calendar-day period. Retail investor is defined as any person other than an institutional investor, regardless o

Since you're reading about Series 14: 9.1.1. Types Of Public Communications, you might also be interested in:

Solomon Exam Prep Study Materials for the Series 14
Please Enable Javascript
to view this content!