The Financial Industry Regulatory Authority issued a Regulatory Notice to announce Securities and Exchange Commission approval for National Association of Securities Dealers (NASD) and New York Stock Exchange (NYSE) rule changes that will allow member firms to supervise “market letters” as correspondence rather than sales literature unless the letters are distributed to 25 or more existing retail customers within any 30-calendar day period and make a financial or investment recommendation or otherwise promote the firm’s products or services. The term “market letter” means any communication specifically excepted from the definition of “research report” under NASD Rule 2711(a)(9)(A) and Incorporated NYSE Rule 472.10(2)(a), respectively. The rule changes will eliminate current requirements that mandate approval prior to use for qualifying market letters that meet the new definitions. The changes became effective February 5.