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Series 63: Remedies & Administrative Provisions
Series 63 practice questionmediumRecords Retention

Under the NASAA-updated 1956 USA, for how long must a state-registered investment adviser preserve required records?

  1. AExactly three years in every state
  2. BExactly five years under the model Act itself
  3. CIndefinitely
  4. DFor the period the Administrator prescribes by rule or order, subject to applicable federal limits✓ Correct answer
Explanation

Why DFor 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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