The Financial Industry Regulatory Authority filed proposed rule changes with the Securities and Exchange Commission to amend FINRA Rules 2210 and 2214. Rule 2210, which governs broker-dealers’ communications with the public, generally provides the standards and guidelines for the content, approval and recordkeeping relative to broker-dealers’ communications with the public and the filing thereof with FINRA. FINRA’s proposed change to Rule 2210 seeks to exclude from the communications filing requirements any research reports produced by a broker-dealer that concern only securities listed on a national securities exchange (other than research reports that must be filed pursuant to Section 24(b) of the Investment Company Act of 1940). FINRA’s proposed rule change also would clarify that free writing prospectuses that are exempt from having to be filed with the SEC are not subject to Rule 2210’s filing or content standards. FINRA also is proposing to correct an incorrect rule cross-reference in Rule 2214, which provides requirements with respect to the use of investment analysis tools.
The proposed rule changes can be found here.