Series 82: 2.2.1.1.1. Retail Communications

2.2.1.1.1. Retail Communications

A registered principal must approve any retail communication that is considered sales literature, general advertising, or which includes a reprint from an independent third-party source. The approval must contain the principal’s signature and the date it was granted. The communication must be approved before it is used or before it is filed with FINRA, whichever is earlier.

Retail communications do not require principal preapproval if another firm has filed it with the FINRA advertising department and received a letter that it was consistent with applicable standards, and if the new firm using the communication has not materially altered it and will not use it in a manner inconsistent with FINRA’s letter. Retail communications that are not research reports and don’t make any financial or investment recommendations or promote a product or service are also excepted—this also includes communications posted on an online site. An example of this