Series 6

Series 6 registered representatives must abide by rules relating to sales presentations and materials contained in FINRA Conduct Rules, Securities Act of 1933, Securities Exchange Act of 1934 and the Investment Company Act of 1940.

NASD (now known as FINRA) Conduct Rule 2210 - Communications with the Public

1. Definitions (from Rule 2210 of the NASD (now known as FINRA) Manual)
   
   For purposes of this Rule and any interpretation thereof, "communications with the public" consist of:
   
   
   1. "Advertisement." Any material, other than an independently prepared reprint and institutional sales material, that is published, or used in any electronic or other public media, including any Web site, newspaper, magazine or other periodical, radio, television, telephone or tape recording, videotape display, signs or billboards, motion pictures, or telephone directories (other than routine listings).
      
      
   2. "Sales Literature." Any written or electronic communication, other than an advertisement, independently prepared reprint, institutional sales material and correspondence, that is generally distributed or made generally available to customers or the public, including circulars, research reports, market letters, performance reports or summaries, form letters, telemarketing scripts, seminar texts, reprints (that are not independently prepared reprints) or excerpts of any other advertisement, sales literature or published article, and press releases concerning a member's products or services.
      
      
   3. "Correspondence" as defined in Rule 2211(a)(1).
      
      
   4. "Institutional Sales Material" as defined in Rule 2211(a)(2).
      
      
   5. "Public Appearance." Participation in a seminar, forum (including an interactive electronic forum), radio or television interview, or other public appearance or public speaking activity.
      
      
   6. "Independently Prepared Reprint."
      
      
      1. Any reprint or excerpt of any article issued by a publisher, provided that:
         
         
         1. the publisher is not an affiliate of the member using the reprint or any underwriter or issuer of a security mentioned in the reprint or excerpt and that the member is promoting;
            
            
         2. neither the member using the reprint or excerpt nor any underwriter or issuer of a security mentioned in the reprint or excerpt has commissioned the reprinted or excerpted article; and
            
            
         3. the member using the reprint or excerpt has not materially altered its contents except as necessary to make the reprint or excerpt consistent with applicable regulatory standards or to correct factual errors;
            
            
      2. Any report concerning an investment company registered under the Investment Company Act of 1940, provided that:
         
         
         1. the report is prepared by an entity that is independent of the investment company, its affiliates, and the member using the report (the "research firm");
            
            
         2. the report's contents have not been materially altered by the member using the report except as necessary to make the report consistent with applicable regulatory standards or to correct factual errors;
            
            
         3. the research firm prepares and distributes reports based on similar research with respect to a substantial number of investment companies;
            
            
         4. the research firm updates and distributes reports based on its research of the investment company with reasonable regularity in the normal course of the research firm's business;
            
            
         5. neither the investment company, its affiliates nor the member using the research report has commissioned the research used by the research firm in preparing the report; and
            
            
         6. if a customized report was prepared at the request of the investment company, its affiliate or a member, then the report includes only information that the research firm has already compiled and published in another report, and does not omit information in that report necessary to make the customized report fair and balanced.
            
            
2. Approval and Record keeping (from Rule 2210 of the NASD (now known as FINRA) Manual)
   
   Registered Principal Approval for Advertisements, Sales Literature and Independently Prepared Reprints
   A registered principal of the member must approve by signature or initial and date each advertisement, item of sales literature and independently prepared reprint before the earlier of its use or filing with FINRA's Advertising Regulation Department ("Department"). With respect to debt and equity securities that are the subject of research reports as that term is defined in Rule 472 of the New York Stock Exchange, this requirement may be met by the signature or initial of a supervisory analyst approved pursuant to Rule 344 of the New York Stock Exchange. A registered principal qualified to supervise security futures activities must approve by signature or initial and date each advertisement or item of sales literature concerning security futures.
   
   Record-keeping
   
   
   1. Members must maintain all advertisements, sales literature, and independently prepared reprints in a separate file for a period of three years from the date of last use. The file must include the name of the registered principal who approved each advertisement, item of sales literature, and independently prepared reprint and the date that approval was given.
      
      
   2. Members must maintain in a file information concerning the source of any statistical table, chart, graph or other illustration used by the member in communications with the public.
      
3. Filing Requirements and Review Procedures (from Rule 2210 of the NASD (now known as FINRA) Manual)
   
   Date of First Use and Approval Information
   The member must provide with each filing under this paragraph the actual or anticipated date of first use, the name and title of the registered principal who approved the advertisement or sales literature, and the date that the approval was given.
   
   Requirement to File Certain Material
   Within 10 business days of first use or publication, a member must file the following advertisements and sales literature with the Department:
   
   
   1. Advertisements and sales literature concerning registered investment companies (including mutual funds, variable contracts, continuously offered closed-end funds, and unit investment trusts) not included within the requirements of paragraph (c)(3). The filing of any advertisement or sales literature that includes or incorporates a performance ranking or performance comparison of the investment company with other investment companies must include a copy of the ranking or comparison used in the advertisement or sales literature.
      
      
   2. Advertisements and sales literature concerning public direct participation programs (as defined in Rule 2810).
      
      
   3. Advertisements concerning government securities (as defined in Section 3(a)(42) of the Act).

Filing of Television or Video Advertisement
If a member has filed a draft version or "story board" of a television or video advertisement pursuant to a filing requirement, then the member also must file the final filmed version within 10 business days of first use or broadcast.

4. Content Standards (from Rule 2210 of the NASD (now known as FINRA) Manual)
   
   Standards Applicable to All Communications with the Public
   
   
   1. All member communications with the public shall be based on principles of fair dealing and good faith, must be fair and balanced, and must provide a sound basis for evaluating the facts in regard to any particular security or type of security, industry, or service. No member may omit any material fact or qualification if the omission, in the light of the context of the material presented, would cause the communications to be misleading.
      
      
   2. No member may make any false, exaggerated, unwarranted or misleading statement or claim in any communication with the public. No member may publish, circulate or distribute any public communication that the member knows or has reason to know contains any untrue statement of a material fact or is otherwise false or misleading.
      
      
   3. Information may be placed in a legend or footnote only in the event that such placement would not inhibit an investor's understanding of the communication.
      
      
   4. Communications with the public may not predict or project performance, imply that past performance will recur or make any exaggerated or unwarranted claim, opinion or forecast. A hypothetical illustration of mathematical principles is permitted, provided that it does not predict or project the performance of an investment or investment strategy.
      
      
   5. If any testimonial in a communication with the public concerns a technical aspect of investing, the person making the testimonial must have the knowledge and experience to form a valid opinion.

Standards Applicable to Advertisements and Sales Literature

1. Advertisements or sales literature providing any testimonial concerning the investment advice or investment performance of a member or its products must prominently disclose the following:
   
   1. The fact that the testimonial may not be representative of the experience of other clients.
   2. The fact that the testimonial is no guarantee of future performance or success.
   3. If more than a nominal sum is paid, the fact that it is a paid testimonial.
      
      
2. Any comparison in advertisements or sales literature between investments or services must disclose all material differences between them, including (as applicable) investment objectives, costs and expenses, liquidity, safety, guarantees or insurance, fluctuation of principal or return, and tax features.
   
   
3. All advertisements and sales literature must:
   1. prominently disclose the name of the member and may also include a fictional name by which the member is commonly recognized or which is required by any state or jurisdiction;
   2. reflect any relationship between the member and any non-member or individual who is also named; and
   3. if it includes other names, reflect which products or services are being offered by the member.
      This paragraph (C) does not apply to so-called "blind" advertisements used to recruit personnel.