Series 24: 3.6.2.2. Filing Requirements And Review Procedures

Taken from our Series 24 Online Guide

3.6.2.2. 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 (e.g., mutual funds, closed-end funds, ETFs)

If they involve direct participation programs

If they have to do with collateralized mortgage obligations

If they are drafts or “storyboards” of a television or video retail communication that have been filed pursuant to a filing requirement, then 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 was 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, those that have been registered with FINRA for less than

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