IA Compliance: The Full 360° View East 
March 7-8, 2019 | Washington, D.C.

UPCOMING WEBINARS

Conquering Current Compliance Challenges
Dec. 12, 2018 | 2:00 - 2:30 PM EST
 
RECORDED WEBINARS

Conquering Current Compliance Challenges
Recorded: November 14, 2018 
 
HANDBOOKS
  Includes: 9 Best Practices, 3 Proposed Disclosure Mockups
and a 60-minute Audio Webinar

The Adviser's Guide to SEC Advertising and Marketing Rules
Includes: 23 Best Practices, 5 Peer-tested tools and 15 No Action Letters

The SEC Examinations Priorities Handbook
Includes: 28 Best Practices, 20 Document Request Letters and 6 OCIE Risk Alerts

Cybersecurity Strategies to Ensure SEC Compliance, 2nd Edition
Includes: 24 Best Practices, 16 Tools, 4 Risk Alerts and IM Guidance

 
BOOKS AND RECORDS OVERVIEW
Advisers Act Rule 204-2 – the books and records rule – is the longest in the act at more than 4,000 words. It’s also among the oldest rules.
 
This can give firms fits because a rule written more than 50 years ago doesn’t always clearly correspondent to a world that’s now measured in bytes and bites.
 
A transparent obligation under the rule, though, is to maintain “not less than” the last five years of key records, and the two most recent years of these record “in an appropriate office of the investment adviser.”
 
The rule goes into depth about what types of records must be kept. They include bills and statements, written client communications, advisory agreements, among others. It’s worth noting that records used to construct past performance should be maintained regardless of how old they are – so that a firm can proof to examiners the veracity of its calculations.
 
Relevant books and records must be “true, accurate and current.” Firms that find themselves cited in enforcement cases tied to this rule often keep sloppy records, can’t locate or produce them or falsify them.

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