Communications falling within its scope include:

• Correspondence – 25 or fewer investors;
• Retail communications – More than 25 retail investors; and
• Institutional communications – Institutional investors only.

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

These are the recordkeeping obligations, including retention periods, that apply to each communications category:

• Correspondence
  FINRA Rule 4511
  FINRA Rule 3110.09
• Retail communications
  SEA Rule 17a-4
• Institutional communications
  SEA Rule 17a-4

A new FINRA member (< 1 year) must file all retail communications must be filed with FINRA 10 days before their publication.

All FINRA members must file certain other retail communications with FINRA 10 days before their publication.