The bill forbids the advertising of «highly speculative and risky
financial contracts «
in advertisements from investment service providers to non-professional investors, directly or indirectly, by
electronic means (email campaigns, banner ads online, radio, television, etc.), of
financial instruments that are not
traded on a regulated
market, and which are particularly difficult to understand and potentially very risky.
In both instances, these services or products may include: company
financial data and economic data (e.g., unemployment, inflation rates and GDP figures), stock quotes, last sale prices and
trading volumes, research reports analyzing the performance of a particular company or stock, narrowly distributed
trade magazines or technical journals covering specific industries, products, or issuers, seminars or conferences registration fees which provide substantive content relating to eligible research, quantitative analytical software and software that provides analyses of securities portfolios,
trading strategies and pre / post
trade analytics, discussions with research analysts or meetings with corporate executives which provide a means of obtaining oral advice on securities,
markets or particular issuers, short - term custody related to effecting particular transactions and clearance and settlement of those
trades, lines between the broker - dealer and order management systems operated by a third party vendor, dedicated lines between the broker - dealer and the investment adviser's order management system, dedicated lines providing direct dial - up service between the investment adviser and the
trading desk at the broker - dealer, message services used to transmit orders to broker - dealers for execution,
electronic communication of allocation instructions between institutions and broker - dealers, comparison services required by the SEC or another regulator (e.g., use of
electronic confirmation and affirmation of institutional
trades), exchange of messages among broker - dealers, custodians, and institutions related to a
trade, post-
trade matching of
trade information, routing settlement instructions to custodian banks and broker - dealers» clearing agents, software that provides algorithmic
trading strategies, and
trading software operated by a broker - dealer to route orders to
market centers or direct
market access systems.