Series 63 practice questionmediumRecords Retention—Termination
If a state-registered investment adviser ceases doing business, what record-retention period does the model USA itself require?
- AA universal five years from creation and at least three years after cessation
- BOnly until the day business stops
- CAn automatic indefinite period
- DThe period prescribed by the Administrator's applicable rule or order; the model Act does not supply the former fixed formula✓ Correct answer
Explanation
Why D — The period prescribed by the Administrator's applicable rule or order; the model Act does not supply the former fixed formula
USA Section 203(a) leaves the investment-adviser record-preservation period to the Administrator's rule or order, subject to federal limits. The former five-year/three-years-after-cessation formula is not stated in the model Act.
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