What is the difference between Advertisements, Sales Literature, Institutional Sales Material and Correspondence for purposes of filing material with the Advertising Regulation Department?
Advertisement Advertisement refers to a communication made available to the public through media such as radio, television, newspapers, magazines, billboards, telephone directory listings (beyond routine line listings), websites, etc. Sales Literature Refers to communications made available to the public, which do not meet the definition of an advertisement. Sales literature includes circulars, market letters, research reports, form letters, seminar texts, and telemarketing scripts. The preceding chart includes filing requirements for advertisements and sales literature. Institutional Sales Material Institutional sales material is distributed or made available only to institutional investors. Any sales material that is available to the general public is considered advertisement or sales literature whether or not it is intended for distribution only to institutional investors. Institutional sales material is not a required filing. However, institutional sales material is subject to the
