Series 63 practice questioneasyRecord retention periods
All of the following records must be maintained for at least five years by a state-registered investment adviser EXCEPT:
- AClient trade confirmations
- BAdvertising materials distributed to more than 10 people
- CPersonal tax returns of advisory personnel✓ Correct answer
- DWritten client agreements
Explanation
Why C — Personal tax returns of advisory personnel
Personal tax returns are not required to be maintained as records by an investment adviser. Trade confirmations, advertising, and client agreements are covered under USA Model Rule 204-2.
Turn it into reps
Reading one answer is not the same as being ready
Lucky the Banker is a free practice app with 1,051+ Series 63 questions, weak-area tracking, and timed mock exams. No credit card, no paywall.
Spot an error in this question or explanation? Tell us — we fix these fast.
Related Regulation of Investment Advisers questions
- An investment adviser in Illinois is granted full discretion over a client’s account but instructs the custodian to…
- Which of the following would MOST likely trigger a surprise examination requirement for an investment adviser under…
- Which brochure-delivery arrangement satisfies the standard NASAA advisory-contract rule?
- Under current Form ADV Part 2 instructions, when must an adviser generally deliver annual brochure information to an…
- Under the current Form ADV Part 2 instructions, what must an investment adviser generally deliver to each client within…
- An adviser reports $150 million AUM, but only $40 million is in actively managed accounts and $110 million is in…
- All of the following statements about an adviser's recordkeeping responsibilities under the Uniform Securities Act are…
- A state-eligible pension consultant advises plans with $190 million in assets and has no other basis for SEC…