Under MSRB rules, which records must be kept for specified time periods? I Official Statements II Trade comparisons III Customer account statements IV Customer complaints.

• A. Official Statements and Trade Comparisons only
• B. Customer Account Statements and Customer Complaints only
• C. Trade Comparisons, Customer Account Statements, and Customer Complaints
• D. Official Statements, Trade Comparisons, Customer Account Statements, and Customer Complaints

Answer: (C)

MSRB recordkeeping focuses on documents that show how a dealer handled the sale of municipal securities and how it interacted with customers. Trade comparisons are kept to document price comparisons and the basis for the dealer’s execution decisions, which helps verify fair dealing and best execution. Customer account statements are preserved to reflect what information was provided to customers about their accounts and transactions. Customer complaints are maintained to provide a trace of issues raised and how the firm addressed them, aiding supervisory review and timely resolution. Official Statements, while important in the offering process, are generally the responsibility of the issuer or underwriter to retain, not the broker-dealer, so they are not required to be kept for the dealer’s own records. Therefore, the records that must be kept are trade comparisons, customer account statements, and customer complaints.