When must investment company advertising be filed with FINRA?

Investment company advertising must be filed with FINRA within 10 business days after the first use. This requirement is put in place to ensure that the advertising material complies with established guidelines and that investors receive accurate information in a timely manner. This post-use filing allows FINRA to review the advertising content after it has been disseminated to the public, providing a safeguard against misleading or non-compliant material.

The rationale behind this timeframe is to balance the need for timely communication from investment companies with the regulatory oversight necessary to protect investors from potentially deceptive advertising. This procedure ensures that firms are not unduly delayed in getting their messages out while still being held accountable for the content they promote.

In contrast, the specifics of the other options would either imply a preemptive filing that doesn't align with the regulations or suggest that no oversight is necessary, which wouldn't provide the level of investor protection mandated by FINRA standards.