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 conf