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MSRB Books & Records Rule Changes - Just Went Live
June 18, 2012
[ by Howard Haykin ]
The MSRB issued a reminder that, over the weekend - on Saturday, 6/16/12 - the amendments to Rule G-9 on 'preservation of records' became effective. The amendment will change the length of time certain records must be retined.
As amended, all MSRB-registered dealers that are not bank dealers will be required to retain certain records for 4 years, rather than for 3 years, so that FINRA, which conducts inspections of its members, will have access to such records when conducting risk-based municipal examinations pursuant to MSRB Rule G-16.
Which Records Are Affected. The rule change pertains to any record that prior to 6/16/12 was required to be preserved for three years under Rule G-9. Consequently, any record that was created on or after 6/16/09 and was required to be retained under Rule G-9 for 3 years must now be retained for 4 years.
MSRB Contacts. Direct questions to: Lawrence Sandor, Deputy General Counsel at (703) 797-6600.
For further details, go to: [MSRB Notice 12-32, 6/15/12].

