New Marketing Material Filing Deadline is February 19
FINRA’s recently published guidance on its new marketing rule (2210), warning that any retail communication not currently subject to a filing requirement must be filed by February 19, 2013. As an example, FINRA cited retail communications about closed-end funds and structured products as well as correspondence that would be considered retail communications under the new rule. FINRA also clarified that a firm must file, before use, any scripts for presentations to be made to more than 25 retail investors. FINRA also indicated that, for purposes of the rule, a mutual fund portfolio manager’s discussion of a fund’s past performance does not constitute a recommendation to buy the fund’s holdings.
OUR TAKE: Firms should be reviewing what materials they must file under the new rule.