Most guides on investor advertising start with FINRA. That's a good way to get it wrong.
FINRA Rule 2210 governs communications by broker-dealers that are FINRA members. If you're an issuer running ads about your own news, it isn't your rulebook. The same goes for National Instrument 81-102, which covers investment funds, and the Universal Market Integrity Rules, which apply to marketplace participants. You'll see all three quoted in this space. None of them is the main event for an issuer.
Here's what actually matters.
In the U.S.
Regulation FD requires material information to go out publicly before anyone gets it selectively. Ads that only promote news already released through a wire or filing stay on the right side of this. Ads that preview news don't.
Antifraud rules matter too. Rule 10b-5 covers public statements about your company, and a 15-second ad is a public statement. If it would be misleading in a press release, it's misleading on Instagram.
Section 17(b) of the Securities Act requires disclosure when someone is paid to publicize a security, including who paid and how much.
In Canada
Continuous disclosure rules and National Policy 51-201 set the standards for what you disclose and how. CSA Staff Notice 51-348 specifically addresses how reporting issuers use social media.
Mining companies have an extra layer. NI 43-101 applies to scientific and technical disclosure wherever it appears, ads included.
TSX Venture Exchange Policy 3.4 covers investor relations and promotional activity, including social media and targeted advertising campaigns. Issuers are expected to disclose IR agreements, pay on a reasonable fee-for-service basis, and supervise providers. The CSE has its own requirements too.
The principle that keeps it simple
Amplify what's already public. Don't say anything new.
If every ad points back to a disclosure that has already gone out through the proper channel, most of the hard questions answer themselves. Add a clear line saying who paid for the ad, keep copies of everything you run, and have counsel review your IR agreement before the campaign starts.
That's the whole idea behind post-wire amplification. It isn't about clever ways around the rules. It's about only ever repeating what you've already told the market properly.
This article is general information, not legal advice. Talk to securities counsel about your specific situation.