The Financial Industry Regulatory Authority, Inc. has issued Regulatory Notice 11-49 (the Notice), which provides guidance to member firms on certain issues regarding NASD Rule 2210 (the Rule) and communications with the public. The Notice reminds firms that: i) the Rule 2210(c) filing requirement concerning sales literature and advertisements of registered investment companies includes research reports that fall within the definition of advertisement or sales literature, and ii) the Rule 2210(c) filing requirement concerning sales literature and advertisements of public direct participation programs includes the advertisements and sales literature of exchange-traded products organized as grantor trusts that meet the definition of a FINRA Rule 2310 direct participation program.