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