Finra
A new FINRA member firm must file retail communications with FINRA's Advertising Regulation Department:
New member firms (in their first year of membership) must file retail communications at least 10 business days BEFORE first use. This allows FINRA to review materials before they reach the public. Established firms file
Complete Analysis & Legal Rationale
New member firms (in their first year of membership) must file retail communications at least 10 business days BEFORE first use. This allows FINRA to review materials before they reach the public. Established firms file within 10 business days after first use.
Distractor Autopsy (Why Other Options Are Traps)
FINRA exam writers design incorrect distractors using specific calculation mistakes and regulatory misconceptions. Review why each option succeeds or fails:
Does not match the governing securities rule described in the explanation.
Matches the verified teaching point in the explanation.
Does not match the governing securities rule described in the explanation.
Does not match the governing securities rule described in the explanation.
Official Standard: Content and approval standards for member communications (verify current text).
Official Standard: Outline-level citation: item maps to Series 7 topic coverage. Prefer a specific FINRA/SEC/MSRB rule citation in a later author pass.