FINRA Allows Related Account Performance Information in Communications with Institutional Investors

May 22, 2015
Client Alert

The Financial Industry Regulatory Authority recently issued an interpretive letter that allows distributors of mutual funds to include related performance information in communications with institutional investors, including registered broker-dealers and investment advisers. This information is actual past performance of similar separate or private accounts or funds managed by a fund’s manager. Institutional communications that include related performance information are subject to certain conditions, including specified disclosure requirements. This letter represents a shift from FINRA’s prior position that inclusion of related performance information in such communications would violate the content standards found in FINRA Rule 2210.

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