Record Retention

It seems like the requirement is 7 years or as required by regulation/law. Does that mean that if law requires 5 years than you only need to keep records for 5 years? Or for record retention you must also follow the more strict rule (the text makes it seem a little ambiguous)?

You want to comply with the law and with the Code and Standards.

If they don’t contradict each other (e.g., the law says to keep them at least 5 years, or at least 10 years), follow the more strict rule.

If they contradict each other (e.g., the law says to destroy them after 5 years), follow the law.

Rule #1: stay out of jail.

Gracias, S2000!

Por nada.

This is the only provision (i have come across), where its not the more “strict” version.

Look up EoC (item set) #26. and i think there is one question on this in CFA TTs as well.

So, if CFAI is 7 yrs (in absence of no guidance etc). But if local regulator say 5 yrs. As long as you follow the 5 yr then there is No breach of CFA code etc.

I skimmed the EOCs and didn’t see any questions on retention of records.

Official curriculum:

Reading 3 (“Application of the Code and Standards”) : #26/page 224 (are the record retention policies of both Khadri and Vinken…)

Similar question CFA online - Jacaranda Asset Management Case Scenario


Step 1: Grab the Level III curriculum, not the Level II curriculum

Having managed to grab the correct book, here’s what I read (emphasis added): “_ In the absence of regulatory guidance or firm policies _, CFA Institute recommends maintaining records for at least seven years.”

So . . . seven years when you have no other guidance.

When you do have other guidance . . . the C&S remains silent.