On July 1, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 20-21 (the Notice) providing guidance on compliance with FINRA Rule 2210 Communications with the Public when creating, reviewing, approving, distributing or using retail communications concerning private placement offerings. Among other things, the Notice reminds members that private placement retail communications of the member firm are subject to FINRA Rule 2210 regarding advertising, which requires a balanced presentation of risks and investment benefits.

The Notice is available here.