I am reviewing NDIP brochures and notice that some of them have the standard disclosureL Not a Deposit, May Go Down in Vale, e.g., but then others which are not product specific like "The Power of Investing" or "Planning Your Estate", do not have this standard language..Is this a problem...these brochures have been produced by and approved by the compliance department of the investment vendor. This is my first experience with this type of product any advice is appreciated..

I would think that if you are advertising any product remotely related to or imply Investment or uninsured products that you put that "not insured" disclosure. It's better to be safe than sorry.

Take a look and determine who is sponsoring the promotion. If it is your brokerage affiliate or a third-party provider, regardless of whether the information is product specific, there should be the standard disclosure, Member NASD, SIPC, and So-and-So Brokerage 123 Main Street, Anytown State, is a wholly-owned subsidiary of XYZ Bank. The not-not-may may not be necessary, but like Pizzaz indicated - better safe than sorry.

If the sponsor of the advertising is your bank and not a separate brokerage affiliate or a third-party provider, then of course the member NASD,SIPC would not be applicable.

Just so I understand... we the bank have a Financial and Insvestment Subsidiary...who in turn sell products from a vendor...in reviewing the brochures from the vendor that the sub rep would give to the customer most of the product specific brochures have the standard.. not insured disclosure.. but some of the other brochures which are generic about investing in general have the vendors name and the NASD/SIPC disclosure..and not the "not a deposit" e.g. disclosure..so in doing my advertising review...the product brochures from the vendor with both disclosure are ok and the generic vendor brochures without product which have just the NASD dislosure are also ok. Because the bank has no control over the printing of these vendor brochures and I guess these brochures are standard for the vendors clients, this I assume is just how it works. Your advice is appreciated... I am sorry this is the first time I have had to do this and have no other resource. Thank you.

Asking more questions is not a problem. It's a confusing area!

1st - Is your Financial and Investment Subsidiary a registered broker/dealer? If it is, then regardless of whether it is sponsoring the marketing or it is sponsored by a third-party marketer such as PEQ Funds, your subsidiary has NASD conduct rules regarding advertising that must be adhered to. In addition that advertising must be submitted to the NASD. For established firms with no NASD supervisory concerns, the submission is after first use. But in either case, review past advertising in the file (under NASD rules you are required to maintain it for x years) and see if you can't find something comparable that was done in the past and try to apply the standards that were applied then.

If your Financial and Investment Subsidiary is not a registered broker/dealer and only has a third-party marketing agreement with a broker/dealer such as Raymond James or PrimeVest (those are just two examples - there are others)then those firms would be responsible for the NASD compliance (absent any contractual provision to the contrary). Don't be afraid to pick-up the telephone and and run your specific questions past their compliance person. If their reps are conducting business in your institution, they have a vested interest in making sure it gets done right.

2nd - If I understand what you are saying - The third party vendor/marketer produces the materials and sends them to you for review before being finalized and distributed by the reps.

For Product Specific Marketing Materials there is the not-not-may AND the Member NASD/SIPC

For Marketing Materials that do not mention specific products but just take for instance about the availability of investment services available at your institution the Member NASD/SIPC is the only disclosure present.

If I have that right, then I would tend to lean towards it's ok the way it is.

If you wish to take about more specific information or details, please register and send me a PM.

Good-luck