As part of its continuing effort to create a consolidated rulebook, the Financial Industry Regulatory Authority, Inc. (“FINRA”) has proposed a new FINRA Rule 2210 that would subsume, subject to certain changes, the provisions of current NASD Rules 2210 and 2211, NASD Interpretive Materials 2210-1 and 2210-4, and the provisions of Incorporated NYSE Rule 472 that do not pertain to research analysts and research reports (collectively, the “Proposal”). The following client alert provides a brief analysis of some of the significant proposed changes.

Currently, NASD Rule 2210 divides communications into the following six categories...