Business Development & Regulation

A retail communication is distributed to more than 25 retail investors in any 30-calendar-day period; an institutional communication is distributed only to institutional investors and is not for forwarding to retail clients.

Any written (including electronic) communication distributed or made available to 25 or fewer retail investors within any 30-calendar-day period.

Retail communications, institutional communications, and correspondence.

A registered principal must approve each retail communication before its first use or filing with FINRA (or before publication for some appearances).

No. Correspondence does not require prior principal approval, but the firm must supervise and review it under its supervisory procedures.

No prior approval is required if the firm has established and implemented procedures for the review of institutional communications.