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 broker-dealer recordkeeping rules, how long must blotters (records of original entry) generally be kept?
Answer: Six years
Blotters and general ledgers are preserved for six years, with the first two years in an easily accessible place.
How long must a broker-dealer generally keep order tickets and communications relating to its business?
Answer: Three years
Order memoranda and business communications are generally preserved for three years, the first two in an easily accessible place.
A customer closes an account. How long must the broker-dealer keep the account record?
Answer: Six years after the account is closed
Customer account records must be kept for six years after the account is closed or the information is replaced.
An agent receives a client's order by text message on a personal phone. What is the best compliance response?
Answer: Have the communication captured and retained by the firm's approved archiving system
Business-related communications, regardless of the medium, must be retained and be supervisable by the firm.
An agent marks an order ticket as unsolicited. Why does proper documentation of that designation matter?
Answer: It evidences that the customer, not the agent, initiated the transaction
Accurate unsolicited marking preserves evidence of who initiated the trade, which matters in later disputes.
Which document must be on file before an agent exercises discretion in a customer's account?
Answer: Written discretionary authorization from the customer, accepted by the firm
Written authority and firm acceptance create the evidence that discretion was properly granted.
Which statement about the first two years of required broker-dealer records is correct?
Answer: They must be kept in an easily accessible place
Rules require the early retention period to be in an easily accessible location so regulators can retrieve records quickly.
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