Series 79 practice questioneasyBooks and Records Requirements
Which of the following records must be preserved in an easily accessible place for the first two years under SEC rules?
- ATrade confirmations older than three years
- BBank statements for closed accounts
- CCurrent customer account ledgers✓ Correct answer
- DCancelled checks from more than six years ago
Explanation
Why C — Current customer account ledgers
Current customer account ledgers must be easily accessible for the first two years. The trap is confusing general retention with the easily accessible requirement for recent records.
Turn it into reps
Reading one answer is not the same as being ready
Lucky the Banker is a free practice app with 995+ Series 79 questions, weak-area tracking, and timed mock exams. No credit card, no paywall.
Spot an error in this question or explanation? Tell us — we fix these fast.
Related Section 4 questions
- If a firm stores its books and records electronically, which of the following is a required condition under SEC Rule…
- A client wires $12,500 in increments under $10,000 each, with no clear business purpose. What regulatory obligation…
- Which of the following is an example of material nonpublic information (MNPI)?
- Which of the following is a prohibited practice under the Global Research Analyst Settlement and related FINRA rules?
- A branch manager fails to monitor an employee who repeatedly violates firm policy by executing unauthorized trades.…
- Under FINRA Rule 5110, what type of compensation must be disclosed and subject to limitations when participating in a…
- Under FINRA Rule 4370, which of the following is a required element of a broker-dealer’s business continuity plan?
- Under FINRA rules, which of the following best demonstrates proper escalation of a compliance concern?