FINRA Rule 2210

Governs three categories of written communications with investors:

• Correspondence: Written communications sent to 25 or fewer retail investors within a 30-calendar-day period.
• Retail communications: Written communications distributed to more than 25 retail investors within a 30-calendar-day period.
• Institutional communications: Written communications distributed only to institutional investors.

Specific approval, review and recordkeeping obligations attach to each type of communication.

The following recordkeeping rules generally apply to each communications category:

• Correspondence: Must be supervised and retained in accordance with FINRA Rules 4511 and 3110 and applicable SEC recordkeeping requirements.
• Retail communications: Must be retained in accordance with SEC Rule 17a-4 and related FINRA requirements.
• Institutional communications: Must be retained in accordance with SEC Rule 17a-4 and related FINRA requirements.

FINRA filing requirements: New FINRA members generally must file many retail communications with FINRA at least 10 business days before first use during their first year of membership. In addition, all FINRA members must file certain categories of retail communications with FINRA, either before or shortly after first use, depending on the communication.