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← Series 63: Regulation of Broker-Dealers & Agents
Series 63 practice questionmediumBroker-Dealer Registration — Record Keeping

Under the Uniform Securities Act, the Administrator may require a registered broker-dealer to:

  1. AKeep accounts, correspondence, and records as the Administrator prescribes by rule✓ Correct answer
  2. BSubmit all customer account information to the Administrator weekly
  3. CMaintain records for a minimum of 10 years after termination of registration
  4. DStore all records at the Administrator's office
Explanation

Why A — Keep accounts, correspondence, and records as the Administrator prescribes by rule

Under USA Section 202(d), the Administrator has the authority to require broker-dealers to keep accounts, correspondence, memoranda, papers, books, and other records as prescribed by rule. This broad authority allows the Administrator to ensure proper documentation exists for regulatory examinations and investor protection purposes.

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