Why it matters
Growth teams at fintechs that sit on a partner broker-dealer (T-bill sweeps, robo front-ends) often plan creator programs with post-hoc review. Under FINRA Notices 10-06 and 17-18, any post the firm paid for or helped prepare ("entanglement") is the member's retail communication, so 2210(b)(1)(A) pre-approval by a registered principal and retention apply. The fine lands on the member broker-dealer, so expect the BD to require pre-approval.
Checklist derived from the AWC text
- Your creator brief/talking points ARE the firm's words: never "free"/"no fees" (FINRA RN 13-23); always the fee line.
- Principal pre-approval of static posts; store post copy, first/last use dates, approver name and approval date (2210(b)(4)(A)).
- WSPs must be able to capture every influencer post (Public's failed this).
- Label as ads.
Sources (fetched 2026-11-01)
- AWC: https://www.finra.org/sites/default/files/fda_documents/2021072581501%20Open%20to%20the%20Public%20Investing%2C%20Inc.%20CRD%20127818%20AWC%20lp.pdf
- Sweep letter: https://www.finra.org/rules-guidance/guidance/targeted-examination-letters/social-media-influencers-customer-acquisition-related-information-protection
- M1 ($850K, 2024): https://www.finra.org/media-center/newsreleases/2024/finra-fines-m1-finance-850000-violations-regarding-use-social-media
- Robinhood AWC (2025-03): https://www.finra.org/sites/default/files/2025-03/robinhood-AWC-030725.pdf
Verify: pdftotext the AWC and grep 'originated from'.