Communications with the Public (Rule 2210)
Key definitions, approval, filing, and recordkeeping rules for retail, correspondence, and institutional communications.
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Questions Covered in This Set
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Retail communication (definition)
Any written or electronic communication distributed or made available to MORE THAN 25 retail investors within any 30 calendar-day period (ads, websites, brochures, most social media).
Correspondence (definition)
Any written communication distributed or made available to 25 OR FEWER retail investors within any 30 calendar-day period.
Institutional communication (definition)
Written communication distributed ONLY to institutional investors — no principal pre-approval required, but supervision/review procedures apply.
Who qualifies as an institutional investor?
Banks, insurance companies, registered investment companies and advisers, employee benefit plans with 100+ participants, governmental entities, FINRA member firms/registered persons, and any person with total assets of at least $50 million.
Which category requires principal approval BEFORE first use?
Retail communications — approved in advance by an appropriately qualified registered principal. Correspondence and institutional communications need supervision/review, not pre-approval.
New member firm filing requirement
During its first year of FINRA membership, a firm must file retail communications with FINRA 10 business days PRIOR to first use.
Which retail communications must be filed 10 business days BEFORE use?
Options (unless educational exception), security futures, and bond mutual fund volatility ratings — and they must be approved.
Which items are filed WITHIN 10 business days of first use?
Retail communications about registered investment companies (mutual funds, ETFs), public direct participation programs, and CMOs.
Recordkeeping period for communications
3 years from the date of last use, in an easily accessible place, with the preparer's name, the approving principal, and support for performance claims.
Core content standards for all communications
Must be fair, balanced, and not misleading with a sound basis for evaluation; no guarantees against loss and no predictions/projections of performance.
Institutional material forwarded to retail investors
If the firm knows it is being forwarded to retail investors, it becomes a retail communication subject to retail rules.
Public appearances under Rule 2210
Live seminars, radio interviews, and unscripted webinars are excluded from filing, but content standards and firm supervision still apply.
