4.4 Communications with the Public (Rule 2210)
FINRA Rule 2210 regulates public communications to ensure marketing and research materials provide accurate and balanced disclosure.
Key FINRA Exam Takeaways
- Correspondence: Written/electronic communication sent to 25 or FEWER retail investors within any 30-calendar-day period. Principal post-review permitted.
- Retail Communication: Written/electronic communication distributed to MORE THAN 25 retail investors within a 30-day period. Requires PRE-APPROVAL by a Registered Principal.
- Institutional Communication: Distributed solely to institutional investors. Post-review permitted.
- All public communications must be fair, balanced, and not contain exaggerated or misleading claims.
Knowledge Checkpoint • Section 4.4
Under FINRA Rule 2210, a marketing flyer distributed to 50 prospective retail clients is classified as which type of communication and requires what supervisory action?