Broker-Dealer and Municipal Securities Dealer Records
Six-year records. Every municipal securities dealer must preserve the following records for a period of not less than six years:
- • Blotters
- • General ledgers and customer ledgers
- • Securities records
- • Records concerning primary offerings
- • Records of customer complaints
- • Financial records subject to the net capital rule
- • The written record of all designated Municipal Securities Principals and their responsibilities
- • Political contributions records
- • Records of gifts and gratuities and compensation for services performed
- • Consultant agreement records
- • Records of shared secondary market accounts, including:
- » Percentage share of participation of account members
- » Terms and conditions governing the account
- » Orders and transactions
- » Date of the closing of the account
- » A reconciliation of profits and expenses of the account
- • Records by broker’s brokers of bids and offers
Four-year records. Municipal securities dealers must preserve the following records for at least four years. Bank dealers, including those municipal securities dealers that are a subsidiary or division of a bank, must preserve them for three years. The records include:
- • Subsidiary records
- • Records of put options and repurchase agreements
- • Records of securities in transfer and securities borrowed and received
- • Records of agency orders, executions, and cancellations, including discretionary orders
- • Records of principal transactions, whether for own account or customer accounts
- • Copies of confirmations and periodic statements
- • Records of personal and financial information for each retail customer account
- • Records of aggregate indebtedness, financial statements, and money