record retention

CFA Institute recommends maintaining records for at least ____ years. A. three B. five C. seven D. ten


Agree !!! 7 yrs


:frowning: yep ! i got confused with the GIPS record retention

It is 7, but I’ve seen some trickey Qs on this. For example, if the law states that you retain records for 5 years and you do this, then you are fine. This is one of the only areas where you don’t go for the stricter of the 2!

I did the same thing D. wood are you positive on that one? Do you know of any other exceptions?

Yeah i’m 99% sure on that. A question came up in one of the mocks (I think). The member’s local law stated that 5 years was required, and that was fine. The 7 years that the CFA put forward are only a recommendation and not a requirement. The 7 years is what is needed in the absence of local law. An obscure point, but worth remembering I guess!! That’s the only exception I know - for everything else go for the stricter of local law or CFA. Of course, if we’re talking about GIPS, you follow the local law if there is a conflict and disclose the reason for the conflict…