MSEC LLC Disclosures

Client Relationship Summary (Form CRS)

MSEC’s Form CRS summarizes information about the services it offers, the fees and costs associated with the services, conflicts of interest, legal standard of conduct, and disciplinary history. The relationship summary follows a standardized question-and-answer format that allows retail investors to more easily compare services and firms.

PDF of Disclosure that can be downloaded

Regulation Best Interest Disclosure

MSEC’s Regulation Best Interest Disclosure provides information about the scope and terms of the relationship and business practices of MSEC with broker-dealer clients as well as material conflicts of interest. Additionally, the Regulation Best Interest Disclosure serves as an overview of items a retail investor may wish to consider when deciding whether to work with MSEC and its registered representatives.

PDF of Disclosure that can be downloaded

SEC Rule 606 Reporting

SEC Rule 606 requires broker-dealers that route customer orders in equities and option securities to publish quarterly reports that provide an overview of their routing practices. MSEC, LLC introduces transactions on a fully disclosed basis to our clearing firm, National Financial Services, LLC (“NFS”). NFS has prepared reports pursuant to SEC Rule 606. The report provides information on the routing of “non-direct orders,” which are orders that the customer has not specifically instructed MSEC to be routed to a particular venue for execution. For non-direct orders, NFS has selected the execution venue on behalf of its customers.

The report is divided by month and each month includes orders separated by securities that are included in the S&P 500 and other non-S&P 500 stocks, and a separate section for listed options. The report will also identify the venue to which NFS routed the orders and, for each venue, the statistical information broken down by order type. For example, whether the order type was a market order, marketable limit order, non-marketable limit order and other orders.

SEC Rule 606 Reporting Information

Contact Us