How does the MSRB address online or electronic communications with clients?

• A. They may be deleted after 30 days
• B. They are exempt from recordkeeping
• C. They should be stored publicly on the firm website
• D. They must be retained and comply with recordkeeping rules, and be free from misleading content

Answer: (D)

Electronic communications with clients are treated as important records the firm must keep. The MSRB requires firms to retain all written communications with retail customers that are sent or received through electronic channels, and to store them in accordance with the firm’s recordkeeping obligations for the applicable retention period. These records must accurately reflect what was communicated and not be misleading. This retention and accuracy support supervision and regulatory review, and help protect investors. Deleting messages after a short time, being exempt from recordkeeping, or posting these communications publicly on the firm’s website would not meet the MSRB's expectations.