What retention requirements apply to communications with the public under MSRB rules?

• A. Firms must retain relevant public communications (emails, memos, letters) for the required period
• B. Retention is optional
• C. Only trade confirmations must be retained
• D. Retention applies only to internal notes

Answer: (A)

Public communications about municipal securities must be retained for the period mandated by MSRB books-and-records rules. In practice, firms keep all relevant public communications—such as emails, memos, and letters—for six years, with the first two years kept in an easily accessible location. This requirement ensures regulators can review advertising and disclosures and that there is a complete record of communications that could reach or influence the investing public. It’s not optional, and it covers more than just trade confirmations or internal notes; it includes all communications with the public about municipal securities.