FINRA Regulatory Notice 12-29

FINRA Regulatory Notice 12-29, SEC Approves New Rules Governing Communications With the Public, includes details on the new SEC-approved FINRA rules governing broker-dealers' communication with the public. The rules went into effect on February 4, 2013.

Included in the changes is a reduced number of communication categories from six down to three: retail communication, institutional communication and correspondence.

• Retail Communication: Any written (including electronic) communication that is distributed or made available to more than 25 retail investors within any 30 calendar-day period.
• Institutional Communication: Any written (including electronic) communication that is distributed or made available only to institutional investors, but does not include a member's internal communications.
• Correspondence: Any written (including electronic) communication that is distributed or made available to 25 or fewer retail investors within any 30 calendar-day period.

Helpful Links:
An executive summary of Regulatory Notice 12-29 from FINRA
PDF of FINRA 12-29