Which statement best describes the retention of electronic communications under MSRB rules?

• A. Retention is optional for non-work devices
• B. Retention is required only for certain types of communications
• C. They must be retained and comply with recordkeeping rules
• D. They should be deleted after 1 year

Answer: (C)

Electronic communications related to municipal securities must be retained under MSRB rules. Brokers and dealers are required to preserve these records in line with established recordkeeping standards, regardless of the device used. This includes communications on emails, texts, instant messages, and even social media if they pertain to municipal securities business, and it applies whether the device is a work tool or a personal device used for business. The purpose is to create a reliable audit trail for supervision and regulatory review, not to pick and choose which types or devices must be kept. Deleting such communications or treating retention as optional would undermine compliance and oversight.