Financial Industry Regulatory Authority, Inc. Rule 2210 requires member firms to file certain communications with FINRA’s Advertising Regulation Department, including retail communications. The Rule 2210 filing requirements apply to “research reports” to the extent that they constitute retail communications that are required to be filed pursuant to Rule 2210. “Research reports” are any written (including electronic) communications that include an analysis of equity securities of individual companies or industries, and that provide information reasonably sufficient upon which to base an investment decision. The definition specifically excludes certain types of communications, such as discussions of broad-based indices or commentaries on economic, political or market conditions. On July 26, the Securities and Exchange Commission approved amendments to Rule 2210 that exclude from Rule 2210’s filing requirements research reports concerning only securities listed on a national securities exchange, other than research reports which must be filed pursuant to Section 24(b) of the Investment Company Act of 1940, as amended.
In addition, Rule 2210(c)(7)(F) and Rule 2210(d)(8) have been amended to clarify that (i) free writing prospectuses and similar documents that are exempt from filing with the SEC are excluded from Rule 2210’s filing and content standards (other than “omitting prospectuses” of registered investment companies governed by Securities Exchange Act Rule 482), and (ii) Rule 2210’s filing and content requirements apply to free writing prospectuses required to be filed with the SEC pursuant to Securities Exchange Act Rule 433(d)(1)(ii).
Click here to read Regulatory Notice 14-30.