Which types of communications count as 'public communications' that must be retained under MSRB rules?

• A. Emails, memos, and letters
• B. Trade confirmations only
• C. Phone conversations with clients
• D. Social media posts only

Answer: (A)

Public communications in MSRB terms are written messages that are distributed to or accessible by a broad audience about municipal securities. Emails, memos, and letters fit this definition because they are written, can reach multiple recipients, and are used to convey information to the public or clients. They are the typical type of material that must be retained under MSRB recordkeeping rules. Trade confirmations, by contrast, are transaction records sent to individual customers and aren’t considered public communications for retention purposes. Phone conversations are oral, not written, and aren’t counted here unless they’re recorded under a separate retention rule. Social media posts can be public, but they’re not the universal example like written emails, memos, and letters, so the best choice is emails, memos, and letters.