Davis Polk


Approaching the Effective Date of the New FINRA Communications Rules

January 10, 2013

FINRA’s new rules governing members’ communications with customers and the public will become effective on February 4, 2013.1 The revised communication rules represent a significant overhaul of FINRA’s communications rules. The new rules simplify and reorganize existing rules and codify much of the existing interpretive materials. They also introduce some significant substantive changes, such as the requirements to have all retail communications pre-approved by an appropriately qualified registered principal subject to certain exceptions, and to file with FINRA within 10 days of first use all retail communications relating to structured products that are registered under the Securities Act of 1933, other than prospectuses and other issuer materials for which an exception applies. For additional information relating to the new rules, please see our prior memorandum, SEC Approves Amendments to FINRA Communications Rules.

If you have questions regarding this publication, please call any of the lawyers listed below or your regular Davis Polk contact.

Gerard Citera 212 450 4881 gerard.citera@davispolk.com
Warren Motley 212 450 4032 warren.motley@davispolk.com
Annette L. Nazareth 202 962 7075 annette.nazareth@davispolk.com
Christopher S. Schell 212 450 4011 christopher.schell@davispolk.com
Lanny A. Schwartz 212 450 4174 lanny.schwartz@davispolk.com
Hilary Sunghee Seo 212 450 4178 hilary.seo@davispolk.com
Marc D. Swenson 212 450 4572 marc.swenson@davispolk.com
Vidal Vanhoof 212 450 4237 vidal.vanhoof@davispolk.com

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