If regulations in the subject country say records need only be retained for 5 years, are records still subject to a 7 year retention period of does the 5 year requirement apply in this case?
Always go with the MORE STRICT regulation
7 years.
Conversely, if the country regulations said 10 years and the CFAI says 7 years, you would keep them for 10 years.
Always go with the stricter regulation
5 years. Need to retain for 7 years only if there is no requirement under local law.
Guys; after reading this thread i am compelled to inform you that while standard VC recommend files to be retained for min of 7 years, but in the case in discussion, analyst is not in violation by keeping the record for 5 yrs because he meets local requirement. Yes as per the above comment, in the absence of any local requirement, min 7 yrs would be used.
Why i am so sure becasue similer question i saw in topic test of level 3 when i was doing lvl 3 last year. Once again 7 year is a recommendation in the absence of local requirement!!!
So what’s the final verdict on this everyone?
5 years per local law or 7 per stricter rule? Thanks
For the purpose of your example: 5 years.