Series 63 practice questionmediumbooks and records
Which of the following statements about electronic recordkeeping for IAs under the USA is CORRECT?
- ARecords can be stored electronically if they are access-controlled and can be reproduced as needed✓ Correct answer
- BElectronic storage is prohibited for client account records
- COnly paper records are permitted
- DElectronic records must be stored off-site
Explanation
Why A — Records can be stored electronically if they are access-controlled and can be reproduced as needed
Electronic storage is permitted if records are secure and reproducible (Rule 204-2). There is no prohibition for client records, nor does the USA require paper-only or off-site electronic storage.
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