ethics q - record retention follow, actual, ethics, records, maintain

mamuka12

if local law says i must maintain records for 5 years, what do i do?

follow that law? or cfai recommendation of 7 years?

note that the 7 years is a RECOMMENDATION, not an actual part of the standards...so would i be ok to do 5 years?

giants2010

I think the exact standard says.... in the absence of local law... CFAi recommends 7 years

IMO you are not in violation for following the local law as the CFAi is simply providing you with a guideline or recommendation in absence of any other guidance from local authorities.

Otabek

this stuff always messes me up....

kingstongal

well this freakin standard, which says that in the absence of local law do 7 years, conflicts with standard I, which says to always do the more stricter of the the CFAI and local laws

chaojimali

You would want to keep them 7 yrs, but I dont think you would be in violation to keep them 6 yrs...

ayodayo

Follow the law. I saw a CFAI question like that. 5 years was ok, as the local law required 5 years.