3.2.1. Monitoring Written Correspondence
Correspondence is any written letter or electronic mail message that is distributed to 25 or fewer retail customers. Each dealer is required to establish written policies and procedures for the supervision and review of any correspondence with the public. Review procedures must:
• Identify how supervisory reviews will be conducted and documented
• Identify what types of correspondence will be pre- or post-reviewed
• Specify the minimum frequency of the reviews for each type of correspondence
• Monitor the implementation of and compliance with the dealer’s procedures
• Reevaluate periodically the effectiveness of the dealer’s procedures
This policy applies to any incoming or outgoing correspondence between its Municipal Securities Representatives and the public. The policy is designed to provide reasonable supervision for each Municipal Securities Representative. Written procedures must designate a principal to review each type of correspondence, including both written and electronic communications. The names of t