Under MSRB rules, which statements are true about sharing in a customer account?

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

Answer: (A)

Sharing in a customer account is allowed only when there is written authorization from the customer and everyone who will share in the account is properly registered with the member firm and subject to its supervision. In addition, the arrangement should be disclosed to the customer, and the sharing of profits or losses should reflect the services each person provides. These points capture the key protections MSRB requires: the customer must consent in writing, the sharing participants must be properly registered, and the firm’s supervisory procedures and disclosures must cover the arrangement.

So, the statements that align with these requirements—written customer authorization, proper registration of the sharing participants, and firm-supervised disclosure of the arrangement—are true. The statement that would contradict one of these elements (for example, sharing without written consent or with an unregistered person) is not true.