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Finra rule 2210 Form: What You Should Know
FINRA's proposal to revise their rule on disclosure and notification to institutional investors was rejected by the SEC (10-8) on June 10, 2012. Read the SEC decision here. The SEC was concerned about whether there would be adverse consequences for an institutional investor who was not able to read a firm's internal communications or receive all materials as required by 2211-2 and 2210-4. If an institutional investor received only an internal communication, the SEC worried that such an investor would not be able to assess whether the firm's proposed disclosures were in the best interest of the institutional investor and could reasonably conclude that they were not. A.2.3. Q. What about regulatory guidance for corporate governance? A. The rule change could lead to more disclosure to institutional investors. FINRA's definition of internal communications includes communications of the firm's Board, management and senior officers. This definition, however, could lead to an increase in institutional disclosures and a reduction in internal communications. An increase in institutional disclosures may cause further misunderstanding of the firm's information by institutional investors and, as a result, may lead to increased litigation and a perception that the firm's corporate governance is not as strong as it could be. A.3. Q. If all communications with the public are defined as internal communications under FINRA Rule 2210, what is the role of public interest advocates? A. FINRA has proposed a rule that would require firm sponsors to provide a description of any communications to the public that have been or will be used by the sponsor to market the firm's products and services. See FINRA Rule 2210(a)(2); FINRA Rule 1602(g) or FINRA Rule 1602(h)(3)-4. If SEC guidance is adopted and FINRA adopts similar disclosure requirements, SEC public interest advocates will have to be available to answer questions from firms concerning when they will need to provide the requested public interest advocacy. Frequently Asked Questions About Communications to the Public — FINRA A.1.2 Q. I want to learn about the proposed rule change from the SEC. What should I do? A. Go to and search the web for FINRA Rule 2210 and use the search tool. FINRA may use the SEC's websites to promote the rule's adoption. Also check out the SEC's website at. A.1.3 Q.
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