Practice Quiz

FINRA Series 63 (NASAA)

Category - Series 63

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Fly-By-Night Investment Advisers has closed its doors. Which of the following statements is true?
  1. Fly-By-Night is required to shred all documentation of client transactions and communications.
  2. Fly-By-Night must send all records of client transactions and communications to the state Administrator for safekeeping.
  3. Fly-By-Night must preserve and maintain all records, including client transactions and communications, advertising materials, and financial statements of the now-defunct business for five years.
  4. Fly-By-Night must send each of its former clients its records of all that client’s transactions and communications with the firm over the past five years.
Explanation
Answer: C - Even after Fly-By-Night has closed its doors, it is required to preserve and maintain all records, including client transactions and communications, advertising materials, and the financial statements of the business for five years, under the guidelines of the Uniform Securities Act.
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