Compliance · Communications
Correspondence (FINRA)
Correspondence is any written (including electronic) FINRA member communication distributed or made available to 25 or fewer retail investors within any 30 calendar-day period. It is the smallest retail-audience category under FINRA Rule 2210 (Communications with the Public), supervised under Rule 3110 rather than pre-approved by a principal.
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Correspondence is one of the three categories under FINRA Rule 2210, covering written communications sent to 25 or fewer retail investors in any 30 calendar-day period. It skips principal pre-approval, but it does not skip supervision.
How correspondence is supervised
Rule 2210(b)(2) routes correspondence to Rule 3110(b)(4) instead of principal pre-approval. A registered principal still conducts the review under Rule 3110(b)(4); what changes is the timing, not the reviewer. Firms build a written supervisory procedure that reviews incoming and outgoing correspondence, flags items with a compliance issue, such as a complaint or a performance claim, and documents who reviewed what and when.
| Fact | Correspondence |
|---|---|
| Audience trigger | 25 or fewer retail investors in any 30 calendar-day period |
| Principal pre-approval | Not required |
| Supervision standard | Rule 3110(b) and 3110.06 through .09 |
| Recordkeeping | Rules 3110.09 and 4511 |
What this means for your marketing
Small does not mean unsupervised. A one-on-one client email still needs to fit inside the firm's written supervisory procedures for correspondence review, even without a principal's sign-off before it sends.
The 25-recipient count resets the clock. A message that stays under 25 retail recipients across a 30-day window can be treated as correspondence. The 26th recipient in that window pushes the whole communication into the retail category instead.
Rule 3110(b)(4) requires evidence of review, not just a policy that review happens.
Common questions
Primary sources
- FINRA Rule 2210(a)(2) and (b)(2), definition and supervision requirementexact rule text
- FINRA Rule 3110(b)(4), review of correspondence and internal communicationssupervisory review standard
Related terms
Daniel Schoester
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Daniel Schoester combines years of SEO obsession with financial know-how. After receiving an Honours Bachelor of Business Administration (Finance), Daniel began working at a prominent mortgage website, where his content quickly quadrupled monthly traffic to over one million views.
Building on this success, Daniel launched Croton Content to help clients scale through evergreen content assets — notably working with Forbes Advisor, Moneywise, and Hardbacon.
In 2024, Daniel expanded his focus to YouTube after studying Google’s algorithm changes. He noticed YouTube’s increasing alignment with search visibility compared to traditional written SEO content — plus its ability to generate passive revenue and long-term brand authority.
Educational information only. This is not legal or compliance advice. Confirm current requirements with your compliance officer and the primary sources above.