Proper Use of the SIPC Logo

1. Advertising -The term "advertising" as used in this Section shall mean promotional material used in or on any newspaper, magazine, or other periodical, radio, television, telephone or tape recording, videotape display, motion picture, slide presentation, telephone directory, sign or billboard, electronic or other public media.
    
2. Branch Office - The term "branch office" as used in this Section shall mean any office of a member which is registered with or designated as a branch office with any self-regulatory organization.
    
3. Official Brochure - The term "official brochure" as used in this Section shall mean any publication so designated by the Corporation which explains the purposes of the Corporation and the protections it affords and which is authorized for public distribution.
    
4. Official Advertising Statement - The term "official advertising statement" as used in this Section shall be "Member of the Securities Investor Protection Corporation." The word "the" or the words "of the" may be omitted. The words "This firm is a" may be added before the word "member." The short title "Member of SIPC" or "Member SIPC" may be used by members at their option as the official advertising statement. When the official advertising statement is used on the Internet, the words "Securities Investor Protection Corporation" and "SIPC" shall contain a hyperlink to SIPC's website.
    
5. Official Explanatory Statement - The term "official explanatory statement" as used in this Section shall be either: (1) "Member of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org." or (2) "Member of SIPC. Securities in your account protected up to $500,000. For details, please see www.sipc.org." The words "Member of SIPC" may be omitted if the official explanatory statement is used in conjunction with the official symbol. When the official explanatory statement is used on the Internet, "SIPC" and "www.sipc.org" shall contain a hyperlink to SIPC's website.
    

6. Official Symbol - The term "official symbol," which may be displayed in a variety of sizes, colors or materials, shall be of the following design:

   
   
   When the symbol is so reduced in size that the words "member" and "Securities Investor Protection Corporation" are illegible, these words may be omitted. When the official symbol is used on the Internet, "SIPC" shall contain a hyperlink to SIPC's website.

Except as provided in (d) below, effective January 1, 1979, each member of SIPC shall continuously display in a prominent place the official symbol (as prescribed in (a)(6) above) at its principal place of business and at each branch office.

Except as provided in (d), (e), and (g)(2) below, effective January 1, 1979, members of SIPC shall include in all advertising (as defined in (a)(1) above) a reproduction of the official symbol or the official advertising statement or the official explanatory statement (as defined in (a)(6), (a)(4), (a)(5), respectively).

1. No member shall be required to display the official symbol until thirty (30) days after its first day of operation as a member.
    
2. No member shall be required to display the official symbol at any office where such display would be misleading to the public in that none of the business transacted in such office appears likely to give rise to claims of public customers which might be protected with SIPC funds in the event the member should be liquidated under the provisions of the Act as amended.
    
3. A member may exhaust supplies of advertising materials which do not include the official symbol, advertising statement or explanatory statement so long as such materials were on hand or on order on the date this Section 4 was adopted. Radio, telephone or television advertisement which were produced, recorded or contracted for on the date this Section 4 was adopted may be used even if they do not contain the official symbol, advertising statement or explanatory statement.
    
4. Upon written application by a member, the Corporation may grant an exemption from the requirements of (b) or (c) above, if it finds that (1) compliance with the requirement may be misleading to the public or result in undue hardship to the member and (2) an exemption from the requirement is consistent with the purposes of this Section 4. 
   
    

The following is an enumeration of the types of advertising which may, but need not, include the official symbol, advertising statement or explanatory statement:

1. Signs or plates in the office or attached to the building or buildings in which the member's offices are located;
    
2. Listings in directories;
    
3. Classified or display advertisements relating to the recruitment of personnel;
    
4. Advertisements not setting forth the name of the member;
    
5. Printed advertisements which do not exceed 10 square inches in space;
    
6. Advertisements by radio or telephone recording which do not exceed 30 seconds in time;
    
7. Advertisements by television which do not exceed 15 seconds in time;
    
8. Advertisements relating to underwriting offerings, investment banking activities, mergers and acquisitions, and personnel announcements; and
9. Internal news wires. 
   
    

The official symbol, advertising statement, or explanatory statement may also, but need not, be included in communications media other than those defined as advertising in paragraph (a)(1) above, including, but not limited to, the following:

1. Supplies, such as trade confirmations, stationery, envelopes, checks, statements;
    
2. Customers' statements;
    
3. Promotional items, such as calendars, matchbooks, pens, paperweights;
    
4. Telephone market reports;
    
5. Research reports;
    
6. Annual reports; and
    
7. Direct mail brochures, market letters, and similar communications.
   
    

1. No member shall display any sign or symbol, or include any symbol, statement, or explanation relating to SIPC or membership therein in any advertising, promotional or other material other than the official brochure, symbol and statements as specified in (a) of this Section.
    
2. Notwithstanding the provisions of (b), (c), (e) and (f) above, advertisements or other material relating primarily to services or types of investments which might, if the official symbol, the official advertising statement, or the official explanatory statement were included therein, reasonably be deemed misleading to public customers, may not include any reference to SIPC except, where applicable rules or regulations of any self-regulatory organization require, a forthright disclaimer of SIPC protection.

   An advertisement including the official symbol, the official advertising statement, or the official explanatory statement might be misleading if the Act as amended would not under most circumstances provide protection with respect to the investment or service advertised or if it might appear that SIPC protects or insures the quality of such investment or service. Matters to which the prohibition of this paragraph apply include, but are not limited to, those relating primarily to the following:

   1. Commodities or related contracts or futures contracts or any warrant or right to subscribe to, purchase or sell any of the same, other than futures contracts or options on futures contracts received, acquired, or held in a portfolio margining account carried as a securities account pursuant to a portfolio margining program approved by the Securities and Exchange Commission.
       
   2. Direct investments in real estate and real estate or mortgage brokerage.
       
   3. Insurance.
       
   4. Investment services which are exclusively advisory in character.
       
   5. Interests which are not included in the definition of the term "security" in the Act.