Industry Regulations & Compliance Flashcards

The IRS generally requires businesses to retain tax records for how long after the tax return is filed?

Answer: 3 years

The IRS recommends retaining tax records for at least 3 years from the filing date, though 6-7 years is advised for records related to property or unreported income.

What is the legal concept of 'spoliation' in the context of records management?

Answer: Destruction or alteration of evidence relevant to litigation

Spoliation is the destruction, alteration, or concealment of evidence that a party knew or should have known was relevant to pending or reasonably anticipated litigation.

Under SEC Rule 17a-4, broker-dealers must retain certain electronic records in what format?

Answer: Non-rewritable, non-erasable format (WORM)

SEC Rule 17a-4 requires broker-dealers to store electronic records in non-rewritable, non-erasable (WORM) format to prevent alteration or destruction.

The National Historic Preservation Act (NHPA) of 1966 requires federal agencies to do what before undertaking projects affecting historic properties?

Answer: Consult with the State Historic Preservation Officer and consider effects

Section 106 of NHPA requires federal agencies to consult with the State Historic Preservation Officer (SHPO) and consider the effects of their undertakings on historic properties.

Which regulation governs the protection of student education records at institutions receiving federal funding?

Answer: FERPA

FERPA (Family Educational Rights and Privacy Act) protects the privacy of student education records at institutions receiving federal education funding.

What does 'right to erasure' (or 'right to be forgotten') under GDPR mean for archival institutions?

Answer: Archives may need to balance erasure requests against archiving in the public interest

GDPR Article 17(3)(d) allows archives to retain data for archiving in the public interest, but institutions must balance this against individual erasure requests using proportionality.

Which U.S. law established the National Declassification Center (NDC) to streamline the declassification of historically valuable federal records?

Answer: Executive Order 13526

Executive Order 13526 (issued in 2009) established the National Declassification Center at NARA to streamline the declassification review process for historically valuable records.