Books and Records Requirements

What this video covers

• The two layers of the general recordkeeping duty under Financial Industry Regulatory Authority (FINRA) rules and the Securities Exchange Act
• When the six-year residual retention period applies, and why it does not override a specific three-year period
• Why every FINRA record must use compliant format and media, with the first two years kept in an easily accessible place
• What a blotter or record of original entry must show, including the account, security, price, trade date, and counterparty designation
• The difference between a firm's general ledger and itemized ledger accounts for customers, the firm, and its partners
• Which foundational records generally fall into the six-year group, and which transactional records fall into the three-year group
• What the securities record must show beyond long and short locations, including count differences by physical count date and account designations