Series 51: Recordkeeping Responsibilities

Taken from our Series 51 Online Guide

Recordkeeping Responsibilities

When a syndicate has not been formed for a primary offering, these records must be maintained by the sole underwriter:

  • Description and aggregate par value of the securities
  • Statement of all terms and conditions required by the issuer
  • All orders received for the purchase of the securities from the underwriter
  • All allotments of securities and the price at which sold
  • Those instances in which the underwriter accorded equal or greater priority to orders for its own account or its related accounts over other orders and the reasons for doing so
  • Date and amount of any good faith deposit made to the issuer
  • Date of settlement with the issuer

When a syndicate has been formed for the purchase of municipal securities, the syndicate manager must maintain these additional records:

  • Name and percentage of participation of each member of the syndicate
  • Terms and conditions g

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