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Solicitation Thru Emails

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Jul 31, 2008 9:18 pm

I have a question that I hope someone can answer.  According to FINRA rules any email going out to 25 or more prospective clients is considered advertisement and therefor needs to be principal reviewed and filed with SRO. 

Now what I read into this is this:  the rule encompassed 1 email sent to 25 prospects.

Now if you send an email with the same body, but include a different name: (IE Dear Marty,)

and send each one individually, can you send this to an unlimited number of people, so long as you send each one individually?  That's how I read into it.  Help!?

Jul 31, 2008 11:09 pm


Jul 31, 2008 11:35 pm

Pretzelhead, that won’t cut it.  I’ve never seen that 25 person rule before.  I can tell you that with my B/D, anything that is sent to more than 1 person is considered advertising and must be approved in advance.  It doesn’t matter if they are clients or prospects.

Aug 1, 2008 4:47 am

Aside from FINRA rules, helpful to know.     Stok
Aug 1, 2008 1:47 pm

On the topic of Solictation. Effective Oct/08 , in Canada they have introduced the No Call List as you have in the U.S. has this impacted your ability to solict via the phone?

The rules as I have seen to date are rather open to interpretation ie. a business relationship has been established , political parties ( have to love that one ) , charities etc. , are still able to solicit via the phone. One poster several months ago as I recall mentioned that he went through a directory of sorts to see whom he could contact? Any information on this would be appreciated.
Aug 1, 2008 2:52 pm

I don’t mean to be a jerk, Norway, but I can’t imagine that there are too many people on this forum who are practicing in a foreign country.

  We have no reason, or desire, to try and speculate about how you should interpret Canadian securities laws from our US perspective. Any reference to the way things are done in Canada is a complete waste of our time.     
Aug 1, 2008 3:00 pm

Borker understand the differences. I think what I was asking was the impact of the No Call List on telephone solicitation. Nothing to do with the Ontario Securities Commission. Perhaps I worked incorrectly.

Aug 1, 2008 3:42 pm

Yes, it has had a dramatic impact on cold calling residents.  It does not impact cold calling businesses, or “cold” calling bank clients (if you are in a bank, depositors are considered “clients”, with certain limitations).

Aug 1, 2008 5:14 pm

Thanks everyone.

Aug 1, 2008 7:56 pm

I think that advertising on Craigslist is the ticket!