Books and Records Retention Requirements
Chapters in this video
- 0:00 Why retention rules are free Series 7 points
- 1:42 The 2-year accessible rule and WORM storage
- 2:29 Six-year records and the blotter trap
- 3:35 Three-year records, WSPs, and advertising from last use
- 4:40 The 4-year written complaint oddball
- 5:28 MSRB municipal complaints at 6 years
- 6:18 Rapid-fire recap and the 6-year catch-all default
What this video covers
- The 2-year easily-accessible rule and why electronic records must sit in Write Once Read Many (WORM) format
- Why blotters are 6-year records even though they capture daily activity, and the firm-level vs. transaction-level distinction the exam loves to test
- Which records get 6 years (customer account forms, written agreements, statements, general ledger, U4/U5, blotters) vs. 3 years (order tickets, confirmations, trial balances, correspondence)
- Why Written Supervisory Procedures (WSPs) and advertising are 3 years from last use or termination of use, not from creation
- The 4-year retention period for written customer complaints under the FINRA and SEC complaint rule, and why it sits on its own island
- The Municipal Securities Rulemaking Board (MSRB) curveball: municipal transaction and complaint records are 6 years, not 4
- The 6-year FINRA catch-all default when no specific rule applies, and how to deduce an answer when you blank
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 7 course adds adaptive practice questions and spaced-repetition flashcards.