9.1.3.2. Filing Requirements and Review Procedures
Within 10 business days of their first use, retail communications must be filed with FINRA’s Advertising Regulation Department under the following circumstances:
• If their subject relates in any way to registered investment companies
• If they involve direct participation programs
• If they have to do with collateralized mortgage obligations
• If they have to do with an investment analysis tool
• If they are drafts or “storyboards” of a television or video retail communication that have been filed pursuant to a filing requirement. In this case, the member also must file the final filmed version within 10 business days of first use or broadcast
• Retail communications that have to do with options and are sent to current customers with an options account
• If they are free writing prospectuses that have been filed with the SEC
Some retail communications demand more stringent oversight, requiring that they be filed 10 business days prior to their first application and withheld from publication until receiving FINRA approval. These are:
• Investment company retail communications that include performance rankings or comparisons with other investment companies when the ranking is not generally published or created by the firm
• Retail communications concerning security futures
• Any retail communication from a FINRA member firm in its first year of operation (as measured from the date its FINRA membership became effective)
Note that retail communications concerning options that are made available to non-options customers must be filed at least ten calendar days prior to first use.
All filings to FINRA must include the actual or anticipated date of first use, the name and title of the principal who approved the retail communication, and the date that the approval was given.
In addition, new member firms, meaning those that have been r