Rule 17a-3(a)(17) requires that the firm periodically furnish account record information to the customer. The new requirement allows the customer to review the information regarding the account that the firm has on file and from which the associated person or the firm is making investment recommendations or suitability determinations for the account. The requirement to furnish this record to customers is designed to reduce the number of misunderstandings between customers and broker-dealers regarding the customer's situation or investment objectives. Firms may, of course, elect to provide this information to customers more frequently in order to coincide with other mailings.

Paragraph (a)(17) of the rule identifies four provisions that trigger the requirement that a broker-dealer furnish to a customer a copy of information contained in the account record.³⁰ Those provisions include (i) the opening of a new account; (ii) the periodic updating of an account that must occur at least once every 36 months; (iii) a change of customer name or address; and (iv) a change of other customer information.

Although paragraph (a)(17)(i) of Rule 17a-3 requires broker-dealers to periodically update customer records, the rule does not affect a broker-dealer's obligations under any SRO "know your customer" rules. It may be appropriate in certain circumstances for broker-dealers to obtain updated information from customers more often than once every 36 months."