Books and Records Retention
Chapters in this video
- 0:00 Blake's deleted text: the three-year trap
- 1:26 The six-year principal records tier
- 2:13 The three-year communications tier
- 2:45 Life of the enterprise: Ingrid's sacred scrolls
- 3:16 Easily accessible: the cabinet versus the warehouse
- 4:34 The two-way communications archive rule
- 5:01 WORM and the audit-trail electronic alternative
- 5:56 Make versus preserve: the side-by-side
- 6:23 Rapid-fire exam recap
What this video covers
- The three core retention tiers: 6 years for principal books and records, 3 years for communications and order tickets, and life of the enterprise for organizational documents
- What belongs in the 6-year tier versus the 3-year tier, and why the exam constantly swaps ledgers with text messages
- The "first 2 years easily accessible" requirement and which records must stay accessible for their entire retention period
- The separate trigger rules for customer-account records, including the account-closure timing for opening records and the collection-date timing for detailed customer information
- Why associated-person records run 3 years after termination, not from creation, and why they never move to less-accessible storage
- The two acceptable electronic storage formats, including the audit-trail alternative to write once, read many (WORM)
- Who can provide access to electronic records, and why an unaffiliated third party is optional, not mandatory
Read the full lesson, free
This video's complete written lesson is free to read in the CertFuel app, no signup wall. The complete Series 79 course also includes adaptive practice questions and spaced-repetition flashcards.