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FINRA RN 13-18 provides new guidance on communications with the public concerning non-traded REITs and DPPs. The notice was drafted by the FINRA advertising department and likely brings to a conclusion an extended series of recent FINRA reviews of industry marketing materials. A summary is below. The Regulatory Notice is effectively an interpretation of FINRA Rule 2210, which requires that FINRA member communications with the public be "fair, balanced and not misleading." (For a general discussion of the requirements applicable to broker-dealer communications, see Lofchie's Guide to Broker