Post-Registration Requirements
Chapters in this video
- 0:00 Why registration is the starting line, not the finish
- 2:18 The federal standard twist and records Barry must keep
- 3:38 The 6-3-4 retention breakdown by record type
- 5:03 Two-year accessibility and WORM electronic storage
- 6:34 Financial reports and the prompt correcting amendment rule
- 7:34 Visitorial power: no subpoena, no notice, any location
- 9:22 Consequences of willful refusal and rapid-fire exam recap
What this video covers
- Why broker-dealer recordkeeping duties are ongoing for the life of the registration, not satisfied at the initial filing
- Which records fall under the 6-year retention bucket (blotters, ledgers, transaction records, and customer account records) versus the 3-year bucket (correspondence, advertising, supervisory procedures)
- Why customer complaints sit on their own 4-year retention clock, distinct from both the 6-year and 3-year periods
- The easily-accessible storage rule: first 2 years of any retention period must be immediately available, plus the WORM electronic storage requirement
- How the Securities Exchange Act (SEA) caps state authority: the Administrator cannot impose recordkeeping or financial reporting that conflicts with or exceeds federal standards
- What triggers a prompt correcting amendment, and which changes count as material (address, ownership, disciplinary history, financial condition)
- The scope of visitorial power: the Administrator may examine broker-dealer records at any time, without a subpoena, within or without the state, and the escalating consequences of willful refusal
Read the full lesson, free
This video's complete written lesson is free to read in the CertFuel app, no signup wall. When you're ready to drill the topic, the full Series 63 course adds adaptive practice questions and spaced-repetition flashcards.
Start on this site: free Series 63 practice questions · Series 63 pass rate