FINRA Rule 2210, communications with the public

FINRA Rule 2210

In force since 4 Feb 2013.

An AI sector rules rule binding private bodies.

Enforcement body: Financial Industry Regulatory Authority (FINRA)
Instrument type: a regulation made under an act
Obligation class: Disclosure, Governance, Retention
Audit expectation: continuous
Who audits it: Self
Where the report goes: Kept, Produced on request

As of 10 October 2026.

What it requires

It reaches you if you are a FINRA member firm or a person associated with one, because FINRA may sanction either for a violation of a FINRA rule (Rule 8310(a)): have an appropriately qualified registered principal approve each retail communication before the earlier of its use or its filing with FINRA's Advertising Regulation Department, unless an exception in Rule 2210(b)(1) applies (Rule 2210(b)(1)(A)).
Base every communication on principles of fair dealing and good faith, make it fair and balanced, and give it a sound basis for evaluating the facts about any particular security or type of security, industry, or service; do not omit a material fact or qualification if the omission, in light of the context of the material presented, would cause the communication to be misleading (Rule 2210(d)(1)(A)).
Do not make a false, exaggerated, unwarranted, promissory or misleading statement or claim in any communication, and do not publish, circulate or distribute a communication you know or have reason to know contains an untrue statement of a material fact or is otherwise false or misleading (Rule 2210(d)(1)(B)).
Do not predict or project performance, imply that past performance will recur, or make an exaggerated or unwarranted claim, opinion or forecast in a communication, other than as Rule 2210(d)(1)(F) permits (Rule 2210(d)(1)(F)).
Prominently disclose your name in every retail communication and in correspondence (Rule 2210(d)(3)).
Supervise and review correspondence under Rule 3110(b) and Supplementary Material .06 through .09 to that Rule, and establish written procedures, appropriate to your business, size, structure, and customers, for review by an appropriately qualified registered principal of the institutional communications you and your associated persons use (Rule 2210(b)(2) and (b)(3)).
Maintain every retail communication and institutional communication for the retention period SEA Rule 17a-4(b) requires and in a format and media that comply with SEA Rule 17a-4, with a copy, the dates of first and last use, the name of any approving registered principal and the date of approval, and the other records Rule 2210(b)(4)(A) lists (Rule 2210(b)(4)(A)).

What this law does

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Research summary

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FINRA Rule 2210 defines communications as correspondence, retail communications and institutional communications. A retail communication is any written (including electronic) communication that is distributed or made available to more than 25 retail investors within any 30 calendar-day period. Correspondence is any written (including electronic) communication that is distributed or made available to 25 or fewer retail investors within any 30 calendar-day period.

An appropriately qualified registered principal of the member must approve each retail communication before the earlier of its use or filing with FINRA's Advertising Regulation Department.

The approval requirement does not apply to certain retail communications, including one posted on an online interactive electronic forum and one that makes no financial or investment recommendation and does not promote a product or service of the member, if the member supervises and reviews it as it does correspondence.

All member communications must be based on principles of fair dealing and good faith, must be fair and balanced, and must provide a sound basis for evaluating the facts in regard to any particular security or type of security, industry, or service. No member may make any false, exaggerated, unwarranted, promissory or misleading statement or claim in any communication.

Communications may not predict or project performance, imply that past performance will recur or make any exaggerated or unwarranted claim, opinion or forecast, with listed exceptions that include an investment analysis tool meeting the requirements of Rule 2214. Members must maintain all retail communications and institutional communications for the retention period required by SEA Rule 17a-4(b) and in a format and media that comply with SEA Rule 17a-4.

Regulatory Notice 12-29 reports that the Securities and Exchange Commission approved the new rules governing communications with the public. The communications rules, including Rule 2210, became effective on February 4, 2013. Section 78o-3 of title 15 requires the rules of a national securities association to provide that its members and persons associated with its members shall be appropriately disciplined for violation of the rules of the association.

FINRA may impose sanctions on a member or person associated with a member for each violation of FINRA rules, from censure and a fine to expulsion and a bar from association with all members.

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