In accordance with Section 1 of the NASD Rules of Fair Practice, any communication designed for public consumption-including sales literature, market letters, and recruiting materials-must not contain false or misleading statements of any material facts. All such communications must be reasonable and accurate as well as initialed or signed by a registered principal of the advertising firm and filed for three years. It must also reviewed by the NASD Executive Office in Washington, D.C. within five days after its initial usage.