Series 63 practice questionmediumRecords Retention
Under the NASAA-updated 1956 USA, for how long must a state-registered investment adviser preserve required records?
- AExactly three years in every state
- BExactly five years under the model Act itself
- CIndefinitely
- DFor the period the Administrator prescribes by rule or order, subject to applicable federal limits✓ Correct answer
Explanation
Why D — For the period the Administrator prescribes by rule or order, subject to applicable federal limits
USA Section 203(a) authorizes the Administrator to prescribe the preservation period for investment-adviser records by rule or order. The model Act itself does not impose the universal five-year period stated by the former row.
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