record retention 7 years?

CFA Level I
#1

if a new compliance officer has his own rule, i.e. electronic record 10 years, paper based 1 year, is it a violation? this is a question in Schweser 2 PM

#2
#3

The only violation would be be against duties to employers if the compliance officer made this rule, right -

#4

CFAI recommends 7 years when there is no other guidelines (company policy) or laws. There is no distinction between electronic or paper records, so 10 years electronic is sufficient regardless of amount of paper records

#5

He is not talking about sufficient, he is asking about if the compliance officer sets more stringent standards than CFAI

#6

Isura Wrote: ------------------------------------------------------- > CFAI recommends 7 years when there is no other > guidelines (company policy) or laws. There is no > distinction between electronic or paper records, > so 10 years electronic is sufficient regardless of > amount of paper records the answer actually is no violation. will just remember that, thanks

#7

Yes, I’m saying not a violation. I remember this Q

#8

THe CFAI “recommends” 7 years. So if I retain records for 2 years, is that a violation? If I remember correctly from the Schweser exam, the person had 10 years for records and 5 years for side records and was in no violation.

#9

Recommended stuff is usually not a violation. LIke they recommend not accepting air and hotel for analyst visits, but accepting doesn’t result in a violation (unless the gift leads to loss of independence/objectivity)

#10

i think you have to comply with (i) your employer or (ii) local restrictions and then CFA recommends 7 yrs retention. paper or electronic copies don’t matter.