Retail Communications
A registered principal must approve approve each retail communication either before it is used or before it is filed with FINRA, whichever is earlier.
Retail communications can be excepted from principal pre-approval if another firm has filed it with the FINRA Advertising Regulation Department and received a letter that it was consistent with applicable standards, and the new firm using the communication has not materially altered it and will not use it in a manner inconsistent with FINRA’s letter. Retail communications that are market letters and don’t make any financial or investment recommendations are excepted, as are any retail communications that do no
