One example regulation that governs communications - 3010d2 states: (2) Review of Correspondence: Each member shall develop written procedures that are appropriate to its business, size, structure, and customers for the review of incoming and outgoing written (i.e., non-electronic) and electronic correspondence with the public relating to its investment banking or securities business, including procedures to review incoming, written correspondence directed to registered representatives and related to the member's investment banking or securities business to properly identify and handle customer complaints and to ensure that customer funds and securities are handled in accordance with firm procedures. Where such procedures for the review of correspondence do not require review of all correspondence prior to use or distribution, they must include provision for the education and training of associated persons as to the firm's procedures governing correspondence; documentation of such education and training; and surveillance and follow-up to ensure that such procedures are implemented and adhered to.

Additionally, NASD Notice 3010 98-11 states in the guideline for supervision that: prohibit registered representatives' and other employees' use of electronic correspondence to the public unless such communications are subject to supervisory and review procedures developed by the firm. For example, NASD Regulation would expect members to prohibit correspondence with customers from employees' home computers or through third party systems unless the firm is capable of monitoring such communications.

Hope this information helps.

Regards/Rob Robinson
www.infogovernance.blogspot.com

'Section 2210 et al. Communications with the Public' appears to cover general communications through advertisements and the like. My guess is that's where the meat of things lie.

Problem is when I look at the provisions on their face, it looks fraught with peril. I am sure the rules governing lawyers look the same to those not generally familiar with them. However, meeting legal ethics rules has proved to be very manageable for blogging lawyers.

I'd welcome commentary from any securities blogger or from someone who has advised on the issue.