Series 79 practice questionmediumBooks and Records Requirements
A broker-dealer is undergoing an audit and needs to provide original customer account forms. Which format is acceptable under SEC rules?
- AElectronic records stored in WORM format✓ Correct answer
- BScanned images stored on rewritable media
- CPaper copies only
- DHandwritten summaries prepared after account closure
Explanation
Why A — Electronic records stored in WORM format
WORM format electronic storage is permitted and satisfies SEC requirements. The trap is thinking only originals or paper are acceptable, but SEC allows compliant electronic records.
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