Series 50: Three-Year Requirement

Three-Year Requirement

Most other records must be retained for three years. They include:

• • Communications with the public, including retail and institutional communications and correspondence
• • A memorandum of each brokerage order given or received for the purchase or sale of securities for customer and firm accounts. This memorandum must include the following:
• » Terms and conditions of the order
• » Account for which it was entered
• » Time the order was received
• » Time of entry
• » Price at which executed
• » Identity of each associated person, if any, responsible for the account
• » Identity of any other person who entered or accepted the order on behalf of the customer
• » Time of execution or cancellation
• • A memorandum of each purchase and sale for the firm’s account; must show the same information as above
• • Copies of customer confirmations and copies of notices of all other debits and credits for customer accounts
• • Authorization records to draw funds from a customer’s accounts using a check or another negotiable instrument if the authorization is separate