(a) Records to be Preserved for Six Years. Every broker, dealer and municipal securities dealer shall preserve the following records for a period of not less than six years:

(i) the records of original entry described in rule G-8(a)(i);

(ii) the account records described in rule G-8(a)(ii);

(iii) the securities records described in rule G-8(a)(iii);

(iv) the records concerning primary offerings described in rule G-8(a)(viii), provided, however, that such records need not be preserved for a syndicate or by a sole underwriter that, in either case, is not successful in purchasing an issue of municipal securities;

(v) the customer complaint records described in rule G-8(a)(xii);

(vi) if such broker, dealer or municipal securities dealer is subject to rule 15c3-1 under the Act, the general ledgers described in paragraph (a)(2) of rule 17a-3 under the Act;

(vii) the record, described in rule G-27(b)(ii), of each person designated as responsible for supervision of the municipal securities activities of the broker, dealer, or municipal securities dealer and the designated principal's supervisory responsibilities, provided that such record shall be preserved for the period of designation of each person designated and for at least six years following any change in such designation;

(viii) the records to be maintained pursuant to rule G-8(a)(xvi); provided, however, that copies of Forms G-37x shall be preserved for the period during which such Forms G-37x are effective and for at least six years following the end of such effectiveness;

(ix) the records regarding information on gifts and gratuities and employment agreements required to be maintained pursuant to rule G-8(a)(xvii);

(x) the records required to be maintained pursuant to rule G-8(a)(xviii);

(xi) the records concerning secondary market trading account transactions described in rule G-8(a)(xxiv), provided, however, that such records need not be preserved for a secondary market trading account which is not successful in purchasing municipal securities;

(xii) the records required to be maintained pursuant to rule G-8(a)(xxv);

(xiii) the records required to be maintained pursuant to rule G-8(a)(xxvi); and

(xiv) the records required to be maintained pursuant to Rule G-8(g)(iii).


(b) Records to be Preserved for Four Years.  Every broker, dealer and municipal securities dealer shall preserve the following records for a period of not less than four years; provided, however, that each municipal securities dealer that is a bank or subsidiary or department or division of a bank shall preserve the following records for a period of not less than three years:

(i) the subsidiary records described in rule G-8(a)(iv);

(ii) the records of put options and repurchase agreements described in rule G-8(a)(v);

(iii) the records relating to agency transactions described in rule G-8(a)(vi);

(iv) the records of transactions as principal described in rule G-8(a)(vii);

(v) the copies of confirmations and other notices described in rule G-8(a)(ix);

(vi) the customer account information described in rule G-8(a)(xi), provided that records showing the terms and conditions relating to the opening and maintenance of an account shall be preserved for a period of at least six years following the closing of such account;

(vii) if such broker, dealer or municipal securities dealer is subject to rule 15c3-1 under the Act, the records described in subparagraphs (a)(4)(iv) and (vi) and (a)(11) of rule 17a-3 and subparagraphs (b)(5) and (b)(8) of rule 17a-4 under the Act;

(viii) the following records, to the extent made or received by such broker, dealer or municipal securities dealer in connection with its business as such broker, dealer or municipal securities dealer and not otherwise described in this rule:

(A) check books, bank statements, canceled checks, cash reconciliations and wire transfers;

(B) bills receivable or payable;

(C) all written and electronic communications received and sent, including inter-office memoranda, relating to the conduct of the activities of such municipal securities broker or municipal securities dealer with respect to municipal securities;

(D) all written agreements entered into by such broker, dealer or municipal securities dealer, including agreements with respect to any account; and

(E) all powers of attorney and other evidence of the granting of any authority to act on behalf of any account, and copies of resolutions empowering an agent to act on behalf of a corporation.

(ix) all records relating to fingerprinting which are required pursuant to paragraph (e) of rule 17f-2 under the Act;

(x) all records relating to Rule G-32 required to be retained as described in rule G-8(a)(xiii);

(xi) the records to be maintained pursuant to rule G-8(a)(xv);

(xii) the authorization required by rule G-8(a)(xix)(B); however, this provision shall not require maintenance of copies of negotiable instruments signed by customers;

(xiii) each advertisement from the date of each use.

(xiv) the records required to be maintained pursuant to rule G-8(a)(xx);

(xv) the records to be maintained pursuant to rule G-8(a)(xxi);

(xvi) the records to be maintained pursuant to rule G-8(a)(xxii); and

(xvii) the records to be maintained pursuant to Rule G-8(a)(xxiii).


(c) Records to be Preserved for Life of Enterprise. Every broker, dealer and municipal securities dealer other than a bank dealer shall preserve during the life of such broker, dealer or municipal securities dealer and of any successor broker, dealer or municipal securities dealer all partnership articles or, in the case of a corporation, all articles of incorporation or charter, minute books and stock certificate books.

(d) Accessibility and Availability of Records. All books and records required to be preserved pursuant to this rule shall be available for ready inspection by each regulatory authority having jurisdiction under the Act to inspect such records, shall be maintained and preserved in an easily accessible place for a period of at least two years and thereafter shall be maintained and preserved in such manner as to be accessible to each such regulatory authority within a reasonable period of time, taking into consideration the nature of the record and the amount of time expired since the record was made.


(e) Method of Record Retention. Whenever a record is required to be preserved by this rule, such record may be retained either as an original or as a copy or other reproduction thereof, or on microfilm, magnetic tape, electronic storage media, or by the other similar medium of record retention, provided that such broker, dealer, municipal securities dealer, or municipal advisor shall have available adequate facilities for ready retrieval and inspection of any such record and for production of easily readable facsimile copies thereof and, in the case of records retained on microfilm, magnetic tape, electronic storage media, or other similar medium of record retention, duplicates of such records shall be stored separately from each other for the periods of time required by this rule.


(f) Effect of Lapse of Registration. The requirements of this rule shall continue to apply, for the periods of time specified, to any broker, dealer, municipal securities dealer, or municipal advisor which ceases to be registered with the Commission, except in the event a successor registrant shall undertake to maintain and preserve the books and records described herein for the required periods of time.
(g) Compliance with Rules 17a-3 and 17a-4. Brokers, dealers and municipal securities dealers other than bank dealers that are in compliance with rules 17a-3 and 17a-4 under the Act will be deemed to be in compliance with the requirements of this rule, provided that the records enumerated in section (f) of Rule G-8 of the Board and section (b) of this rule shall in any event be preserved for the applicable time periods specified in this rule.

(h) Municipal Advisor Records.

(i) Subject to subsections (ii) and (iii) of this section, every municipal advisor shall preserve the books and records described in Rule G-8(h) for a period of not less than five years.

(ii) The records described in Rule G-8(h)(v)(B) and (D) shall be preserved for the period of designation of each person designated and for at least six years following any change in such designation.

(iii) The records described in Rule G-8(h)(iii) and (vi) shall be preserved for at least six years; provided, however, that copies of Forms G-37x shall be preserved for the period during which such Forms G-37x are effective and for at least six years following the end of such effectiveness.


(i) Municipal Advisor Records Related to Formation and Cessation of its Business. Every municipal advisor shall comply with the provisions of Rule 15Ba1-8(b)(2) and (c) under the Act.
(j) Records of Non-Resident Municipal Advisors. Every non-resident municipal advisor shall comply with the provisions of Rule 15Ba1-8(f) under the Act.
(k) Electronic Storage of Municipal Advisor Records Permitted. Whenever a record is required to be preserved by this rule by a municipal advisor, such record may be preserved on electronic storage media in accordance with section (e). Electronic preservation of any record in a manner that complies with Rule 15Ba1-8(d) under the Act will be deemed to be in compliance with the requirements of this rule.
Last Updated Date: October 13, 2017