Final answer:
A registered representative must obtain written approval for a mutual fund advertisement from a registered principal of their firm. The registered principal oversees ensuring that marketing materials comply with regulatory standards.
Step-by-step explanation:
When a registered representative (RR) wants to place a mutual fund advertisement, the approval that is required needs to come from a specific authority within the financial services firm that the RR represents. According to the Financial Industry Regulatory Authority (FINRA) regulations, it is not FINRA itself, nor is it each state's securities administrator, nor the investment management division of the appropriate regional SEC office that must provide written approval for the advertisement. Rather, the correct party responsible for providing written approval is a registered principal of the RR's firm.
These principals hold supervisory roles within the firm and are, therefore, the ones tasked with reviewing and approving marketing materials, including mutual fund advertisements, to ensure they adhere to regulatory standards and do not mislead investors. Registered principals evaluate the accuracy and the compliance of such materials with the securities regulations before providing their written approval.