Series 63 practice questionmediumbooks and records
A state-registered IA emails an investment newsletter to 25 clients. What recordkeeping obligation does the IA have under the USA?
- AMaintain a copy of the newsletter and a record of recipients✓ Correct answer
- BNo recordkeeping is required for newsletters
- COnly retain newsletters sent to institutional clients
- DOnly retain a copy if the newsletter is personalized
Explanation
Why A — Maintain a copy of the newsletter and a record of recipients
Newsletters sent to 10 or more persons require retention of the content and distribution list (Rule 204-2). Excluding non-institutional clients or only personalized content is not the rule.
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