Eleven years after alerting broker-dealers and their associated persons to their obligations when soliciting business in foreign jurisdictions, FINRA is reaffirming its guidance.  FINRA (then NASD) issued the initial alert as Notice to Members 00-02, in which it talked about the need to comply with applicable U.S. and foreign laws.  Those words of advice are as applicable today, as they were in 2000, which is why FINRA published NtM 11-34 on 7/27/11. 

FINRA also is withdrawing NtM 98-91 in light of changes to the legal and regulatory framework in the United Kingdom (U.K.).  In that Notice, FINRA alerted firms and associated persons to their obligations concerning cold calling and advertising to persons in the U.K. by briefly summarizing the legal and regulatory framework in the U.K. regarding these activities.

BTW.  FINRA notes that this RegNote does not address whether soliciting business in a foreign jurisdiction in violation of that jurisdiction’s laws may constitute a violation of FINRA rules.

FINRA Staff Contacts.   Direct questions to:  Paul Andrews, VP, International - (202) 728-8235; or Matthew Vitek, Counsel, OGC - (202) 728-8156.

For further details, go to:   [FINRA RegNote 11-34, July 2011]