Series 52: 8.3.3. Written Supervisory Procedures

8.3.3.  Written Supervisory Procedures

If the supervisory system determines how the responsibility for regulatory compliance is shared within the member firm, the written supervisory procedures document that system and instruct the supervisor as to how those responsibilities must be performed.

Written supervisory procedures must establish procedures to:

• • Frequently review and approve customer accounts for compliance with applicable rules
• • Periodically inspect each office to detect and prevent violations of the rules
• • Maintain and preserve the books and records required by the MSRB
• • Supervise the processing and clearance of municipal securities
• • Promptly review and approve in writing the opening of each customer account and each municipal securities tr