Evidence Collection & Preservation Flashcards
7 cards from real Series 66 – Uniform Combined State Law Exam practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Evidence Collection & Preservation flashcards as text
Under the NASAA model rule, how long must a state-registered investment adviser generally preserve its required books and records?
Answer: Five years from the end of the fiscal year in which the last entry was made
The model rule requires retention for five years from the end of the fiscal year of the last entry, with the first two years in an appropriate office of the adviser.
An investment adviser keeps its records electronically. Which practice best satisfies recordkeeping requirements?
Answer: Keeping records in a form that is indexed, easily retrievable, and backed up separately
Electronic records must be arranged and indexed for prompt retrieval, and duplicates must be stored separately to guard against loss.
Which of the following is an adviser required to keep as part of its books and records?
Answer: Copies of written communications relating to recommendations or advice given
Advisers must retain written communications sent and received relating to advice, recommendations, and the receipt or delivery of client funds or securities.
How long must an adviser keep copies of advertisements it has circulated, along with records supporting performance claims?
Answer: Five years
Advertisements and the documentation supporting performance calculations fall under the same five-year retention period as other adviser records.
An adviser's business is being discontinued. What is true about its required records?
Answer: They must still be preserved for the required period and made available to the administrator
Ceasing business does not end the retention obligation, and the records must remain available to the administrator.
Which record must an adviser maintain to evidence delivery of its brochure?
Answer: A record of each brochure and brochure supplement delivered, and of annual delivery or offers
Advisers must keep copies of disclosure documents and records showing when they were delivered or offered to clients.
During an examination, an administrator asks an adviser for the general ledger. Which statement is correct?
Answer: The adviser must make the books and records available for examination
Registered advisers' records are subject to reasonable periodic, special, or other examination by the administrator.
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