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Written complaints must be acknowledged and investigated promptly, with records retained for 4 years. Supervisors must escalate serious complaints and ensure responses are timely and documented.

Analysts may provide factual input internally but cannot publish research, attend roadshows, or market securities during underwriting. Supervisors must enforce separation between research and investment banking activities.

The OTC Reporting Facility (ORF) is used for reporting OTC equity trades. TRACE is for fixed income, OATS (now CAT) is for order audit, and EMMA is for municipal securities. Supervisors must ensure proper routing of reports to the correct systems.

WSPs must specify supervisory responsibilities and the designated principals. Options A, C, and D may be internal policies but are not required by FINRA. Supervisors must review WSPs annually for accuracy.

Retail communication includes written or electronic communications to more than 25 retail investors within 30 days. Option A is correspondence, C is internal, and D is institutional. Supervisors must review and approve retail communications.