Recordkeeping Requirements
Chapters in this video
- 0:00 Broker-dealer federal record categories and WORM storage
- 2:08 Broker-dealer retention: the 6, 3, and 4 year timelines
- 4:00 Investment adviser 5 years from fiscal year-end trap
- 5:54 State administrator capped by federal law
- 6:57 Final exam day checklist and character framework
- 7:41 Rapid-fire exam recap
What this video covers
- Which broker-dealer records belong to the 6-year bucket (blotters, ledgers) versus the 3-year bucket (order tickets, confirmations, communications, advertising)
- Why the first 2 years of any 3-year broker-dealer record must be kept in an easily accessible place
- How FINRA overlays its own 4-year requirement for written customer complaints, longer than the default 3-year communications period
- Why investment advisers use 5 years from fiscal year-end (not from the date of the last entry) and must keep the first 2 years in the principal office
- The exact limit on a state Administrator's authority: states can require records consistent with federal standards but cannot exceed them for broker-dealers
- How to categorize any exam question into the Aaron (broker-dealer), Ivan (investment adviser), or Stan (state administrator) framework for faster recall
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