if local law says i must maintain records for 5 years, what do i do? follow that law? or cfai recommendation of 7 years? note that the 7 years is a RECOMMENDATION, not an actual part of the standards…so would i be ok to do 5 years?
I think the exact standard says… in the absence of local law… CFAi recommends 7 years IMO you are not in violation for following the local law as the CFAi is simply providing you with a guideline or recommendation in absence of any other guidance from local authorities.
this stuff always messes me up…
well this freakin standard, which says that in the absence of local law do 7 years, conflicts with standard I, which says to always do the more stricter of the the CFAI and local laws
the show NY Wrote: ------------------------------------------------------- > well this freakin standard, which says that in the > absence of local law do 7 years, conflicts with > standard I, which says to always do the more > stricter of the the CFAI and local laws i thought that applied to cfa requirements, not recommendations
according to schweser, recommendations = requirements. so on the exam if they say what shoudl the person do, you should think of recommendations as something they should do
You would want to keep them 7 yrs, but I dont think you would be in violation to keep them 6 yrs…
Follow the law. I saw a CFAI question like that. 5 years was ok, as the local law required 5 years.