record retention policy contradiction - 7 or 5 years?

CFA Level III Ethics
#1

On problem #60 of the Ethics CFA Curriculum Volume 1 (page. 171) the policy is not in violation for storing records only up to 5 years. However, in other areas of the curriculum we are told the record retention is 7 years. Which is correct???

#2

i am wondering same issue.

AMC says minimum of 6 years. GIPS recommend 7 years.

correct?

#3

read the rules

#4

I ran across this same problem doing the practice questions. Does anyone know?

#5

In the general ethics section it says 7 years…

#6

I think that the code of standards and professional conduct just recommend seven years. While I have seen AMC questions where they require 7 years. So I guess if the firm has adopted AMC then 7 years would be required.

#7

another vote for 7.

#8

level3once - whats your email?

#9

I sent you a message. Let me know if it doesn’t work.

#10

havent seen the Q but i think the standard is something like “in the absence of rules or regulations, 7 years is recommended”. so if they did 5 becaues that was theri policy thats fine.

#11

^^^ Yes, that’s correct

#12

I remember that question. They meant 7 years in the answer, not 6. It’s in the errata.

#13

Still wrong in 2013…check the errata

#14

the answer is 7. I did a question on that last night