Content, Review and Filing Rules Now Apply to Certain Free Writing Prospectuses


The content standards, principal review requirements and applicable filing requirements contained in NASD Rules 2210 and 2211 now apply to free writing prospectuses distributed by broker-dealers in a manner reasonably designed to lead to their broad unrestricted dissemination. Through FINRA Regulatory Notice 10-52, the Financial Industry Regulatory Authority has withdrawn previous interpretive guidance excluding such free writing prospectuses from these NASD rules, which establish standards for the content of broker-dealer communications with the public. According to FINRA, a free writing prospectus distributed by a broker-dealer in a manner reasonably designed to lead to its broad unrestricted dissemination presents the same investor protection concerns as communications regulated by these rules, which are designed to ensure that communications with the public by broker-dealers are fair, balanced and not misleading.

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