Rule 2210 also generally requires mutual fund advertisements to be filed with FINRA’s Advertising Regulation Department. 11 This general filing requirement, however, only applies to mutua fund advertisements and therefore does not apply with respect to private fund advertisements. 12 FINRA nevertheless has the ability to inspect and review its members’ communications, including communications about private funds. In January 2003, the Advertising Regulation Department at FINRA’s predecessor, the National Association of Securities Dealers (NASD), conducted a sweep of broker-dealers to determine their level of compliance with the NASD and SEC rules that govern advertisements and sales literature for private.
