Series 66: 9.1.7.3. Requirements For Broker-Dealers

Taken from our Series 66 Online Guide

9.1.7.3. Requirements for Broker-Dealers

While broker-dealers are not subject to the Marketing Rule, they must follow the communications regulations of their state administrator and FINRA if they are a member. Note that broker-dealers cannot make any statements that imply that an advertisement is approved by the state administrator or any other regulator.

It is forbidden for broker-dealers to publish or circulate any kind of communication (including advertisements) that:

Is deceptive or misleading

Reports any transaction or quotation unless the broker-dealer believes that the transaction or quotation is bona fide (true)

Uses nonfactual data or conjecture

Uses displays to detract from a prospectus or disclosure

Makes a statement implying that a graph,

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