Ceasing Business and Continuing Record Retention
Chapters in this video
- 0:00 Riley the Rep shuts down the firm
- 1:08 The actual definition of continuing record retention
- 2:16 Why regulators never let a firm outlast its paperwork
- 3:00 The exam trap: deregistration does not modify the timeline
- 4:05 Halting transactions versus formal deregistration
- 4:48 Rapid-fire exam recap
What this video covers
- Why ceasing business never shortens or resets a retention clock already running on an existing record
- The identical duty that applies whether a firm halts transactions or formally deregisters as a broker-dealer
- The regulatory reasoning behind continuing retention: preventing shady firms from burning evidence by shutting their doors
- How exam writers escalate the shutdown scenario to bait you into selecting a modified timeline
- Why the original retention period is the only timer that matters, with no exceptions or loopholes for defunct firms
Read the full lesson, free
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