General Telemarketing Requirements
No member or person associated with a member shall initiate any telephone solicitation, as defined in paragraph (g)(2) of this rule, to:

Time of Day Restriction
Any residence of a person before the hour of or after (local time at the called party's location), unless


  1. the member has an established business relationship with the person pursuant to paragraph (g)(1)(A)(i),
  2. the member has received that person's prior express invitation or permission, or
  3. the person called is a broker or dealer;

Firm-Specific Do-Not-Call List
Any person that previously has stated that he or she does not wish to receive an outbound telephone call made by or on behalf of the member; or

National Do-Not-Call List
Any person who has registered his or her telephone number on the Federal Trade Commission's national do-not-call registry.

National Do-Not-Call List Exceptions
A member making telephone solicitations will not be liable for violating paragraph (a)(3) if:

  1. Established Business Relationship Exception
    The member has an established business relationship with the recipient of the call. A person's request to be placed on the firm-specific do-not-call list terminates the established business relationship exception to that national do-not-call list provision for that member even if the person continues to do business with the member;

  2. Prior Express Written Consent Exception
    The member has obtained the person's prior express invitation or permission. Such permission must be evidenced by a signed, written agreement between the person and member which states that the person agrees to be contacted by the member and includes the telephone number to which the calls may be placed; or

  3. Personal Relationship Exception
    The associated person making the call has a personal relationship with the recipient of the call.

Safe Harbor Provision
A member or person associated with a member making telephone solicitations will not be liable for violating paragraph (a)(3) if the member or person associated with a member demonstrates that the violation is the result of an error and that as part of the member's routine business practice, it meets the following standards:

  1. Written procedures: The member has established and implemented written procedures to comply with the national do-not-call rules;

  2. Training of personnel: The member has trained its personnel, and any entity assisting in its compliance, in procedures established pursuant to the national do-not-call rules;

  3. Recording: The member has maintained and recorded a list of telephone numbers that it may not contact; and

  4. Accessing the national do-not-call database: The member uses a process to prevent telephone solicitations to any telephone number on any list established pursuant to the do-not-call rules, employing a version of the national do-not-call registry obtained from the administrator of the registry no more than thirty-one (31) days prior to the date any call is made, and maintains records documenting this process.

Wireless Communications
The provisions set forth in this rule are applicable to members telemarketing or making telephone solicitations calls to wireless telephone numbers.

Outsourcing Telemarketing
If a member uses another entity to perform telemarketing services on its behalf, the member remains responsible for ensuring compliance with all provisions contained in this rule.



Securities Act of 1933: RULE 135A

Related Articles
  1. Financial Advisor

    Preparing Finances For Deployment: A Guide For Service Members

    Those who follow the instruction in this article can look forward to a homecoming of financial prosperity.
  2. Financial Advisor

    What Financial Advisors and Brokers Need to Know About Rule 407

    Learn about NYSE Rule 407 and how it may impact you as a financial advisor or investment broker. What you don't know about this regulation can hurt you.
  3. Investing

    The LLC Operating Agreement Template, And Why You Need It

    For some business owners, creating an LLC offers the best of both worlds. But your state's rules might not suit your needs. Hence the Operation Agreement.
  4. Markets

    On The Record: Communications With The Public

    NASD Rule 2211 can make or break your career as a registered principal.
  5. Markets

    FINRA: How It Protects Investors

    Find out the history of FINRA, and how it's organized to monitor the markets and protect investors.
  6. Markets

    Investigating The Securities Police

    Learn about the history of FINRA and how this organization protects investors.
  7. Professionals

    Career Benefits From The CFA Institute

    The CFA Institute provides members with a variety of ongoing career and networking benefits.
  8. Markets

    Has Nepotism Ever Worked?

    It may very well be that hiring a relative is the right course of action for you. But before you do, carefully consider how hiring family could hurt your business.
  9. Trading

    Benefit From A Winning Investment Club

    Joining an investment club isn't a get-rich-quick scheme, but it can help you learn the ropes or sharpen your investing skills.
  10. Personal Finance

    Trends Driving Managed Care M&A

    The uncertainty introduced by legislation has many managed care companies worried about potential financial losses. Companies are turning to M&A to offset their fears.
Trading Center