Rule 2210 applies to FINRA member firms and their associated persons. It defines three kinds of communication, requires principal approval of retail communications before use, requires some to be filed with FINRA, sets content standards for all of them, and governs how a firm may mention FINRA.
Investment advisers registered with the SEC follow the SEC Marketing Rule; firms registered as both follow both rules.
The three kinds of communication
Rule 2210 starts by sorting communications by audience, and most later rules depend on which kind a piece is:
- Correspondence: any written or electronic communication distributed or made available to 25 or fewer retail investors within any 30 calendar-day period.
- Retail communication: the same, to more than 25 retail investors within any 30 calendar-day period. Websites, ads, most emails to lists and public social posts fall here.
- Institutional communication: distributed only to institutional investors, a defined list that includes other firms, government bodies and larger employee plans, and not usable if the firm has reason to believe it will be passed to retail investors.
Approval and records
A registered principal must approve each retail communication before the earlier of its use or its filing with FINRA. The rule lists exceptions that are supervised like correspondence instead, including posts on an online interactive forum and retail communications that make no recommendation and promote no product or service. Firms keep retail and institutional communications for the period set by SEA Rule 17a-4(b), with the dates of use, the approving principal and the source of any chart, table or projection. For marketers, the practical point is to send every piece with its sources attached and leave time for review in the calendar.
Filing with FINRA
Some retail communications must also go to FINRA's Advertising Regulation Department. The main cases:
- New member firms: for one year after membership, retail communications in public media, including a generally accessible website, are filed at least 10 business days before first use.
- Filed before use: retail communications about registered investment companies that use rankings or comparisons not generally published, and retail communications about security futures, at least 10 business days before first use.
- Filed after use: retail communications promoting a specific registered investment company and several other product types, within 10 business days of first use.
- Excluded: among others, communications already filed and used without material change, those that promote nothing, correspondence, institutional communications and interactive forum posts.
The content standards
Every communication must be fair and balanced and give a sound basis for evaluating the facts. No false, exaggerated, unwarranted, promissory or misleading statements; no material omission that makes a piece misleading. Disclosures may sit in a legend or footnote only if that does not hinder the reader's understanding, and the level of detail must suit the audience. A communication may not predict or project performance or imply past performance will recur, except for the narrow cases the rule lists, such as a hypothetical illustration of mathematical principles or a projection made under written policies with its assumptions and risks explained. Comparisons must disclose all material differences, and each retail communication must name the member firm prominently.
Testimonials, recommendations and BrokerCheck
Three sections often catch marketing teams out:
- Testimonials: a testimonial on a technical aspect of investing must come from someone with the knowledge to judge it. One about the firm's advice or performance must say it may not represent other customers' experience and is no assurance of future success, and that it was paid for if more than $100 was paid.
- Recommendations: a retail communication recommending a security needs a reasonable basis and set disclosures, and may not point to past profitable recommendations except in a full list with the rule's cautionary legend.
- BrokerCheck: each member website must link to BrokerCheck from the home page meant for retail investors and from any page with a profile of a registered person who deals with retail investors.
Mentioning FINRA, and public appearances
A firm may state its FINRA membership but may not imply that FINRA endorses it, and a reference to FINRA's review of a piece is limited to "Reviewed by FINRA" or "FINRA Reviewed". A website that states membership links to FINRA's home page near that statement. Unscripted public appearances, such as seminars, interviews and webinars, must meet the general content standards, and their scripts, slides and handouts are communications in their own right. Finally, a breach of an SEC, SIPC or MSRB rule on communications counts as a breach of Rule 2210.
Social media under Rule 2210
A public post is usually a retail communication. Posts on an online interactive forum need no pre-approval and no filing, provided the firm supervises them like correspondence; other public posts follow the normal retail communication rules, so agree with compliance which of your channels and post types fall where. Write the review process down before advisors or staff post for the firm, and keep records of what was posted.
FINRA 2210 and the SEC Marketing Rule
Investment advisers registered with the SEC follow the SEC's Marketing Rule-1), which sets its own conditions on testimonials, third-party ratings and performance. A firm registered as both a broker-dealer and an adviser, or an adviser whose staff are also registered representatives, may need to meet both rules for the same piece. Our guide to marketing for financial advisors sets the two side by side.
What we do and do not do
PromotEdge International is an international strategy, technology, marketing and design company, and our delivery team is in India. We write and build content for financial firms with sources attached and claims kept plain. We do not approve, file or give legal or investment advice; your registered principal approves and your compliance team files. Our finance marketing service page describes the work. This guide summarizes FINRA Rule 2210 as read on 12 November 2026 and is general information, not legal advice; read the full rule on FINRA's site.
Facts we rely on: see our company facts for what we state about ourselves and where each fact comes from.