Series 63 practice questioneasybooks and records
Under the Uniform Securities Act, which of the following best describes the minimum period during which state-registered investment advisers must retain required books and records?
- A3 years from the end of the fiscal year
- B5 years from the end of the fiscal year✓ Correct answer
- C6 years after creation
- DPermanently
Explanation
Why B — 5 years from the end of the fiscal year
Under NASAA Model Rule 203(a)-2, most required books and records of a state-registered investment adviser must be preserved for at least five years from the end of the fiscal year in which the last entry was made. The first two years must be maintained in the adviser's principal office.
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