Under MSRB rules, which of the following records must be kept for specified time periods? I Trade Comparisons II Official Statements III Customer Account Statements IV Customer Complaints.

• A. II and III only
• B. I and II only
• C. I, III and IV
• D. I, II, III, IV

Answer: (C)

Under MSRB rules, brokers must keep certain records to provide a solid paper trail for supervision and regulatory review. Trade comparisons are kept because they document the reconciliation between what a trade was supposed to be and what was recorded, helping to catch errors or manipulation and to substantiate accuracy of executions. Customer account statements are retained because they are the formal record of the communications sent to customers about their holdings and activity, which may be needed for audits, disputes, or compliance checks. Customer complaints are preserved to show what investors raised and how the firm addressed those concerns, which is essential for monitoring supervisory controls and the firm’s responsiveness.

Official Statements, while important investor disclosures, are issued by the issuer and distributed to investors rather than maintained by the broker-dealer as part of its own records under these MSRB book-and-record requirements. That’s why Official Statements aren’t included among the records required to be kept for specified periods in this context.