Series 79 practice questionmediumBooks and Records Requirements
Under Exchange Act Rules 17a-3 and 17a-4, how long must a broker-dealer retain customer account records after account closure?
- A1 year
- B3 years
- C6 years✓ Correct answer
- DIndefinitely
Explanation
Why C — 6 years
Customer account records must be retained for six years after account closure per Rule 17a-4. The trap is choosing the three-year rule, which covers many other documents but not account records.
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