Quiz: Do You Know About Recordkeeping Compliance?

10 Questions | Total Attempts: 100

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Quiz: Do You Know About Recordkeeping Compliance?

Do you know about recordkeeping compliance? If the organization's records are not stored correctly, there is a considerable chance that they may lose important documents and lack evidence when it is needed. This is why there are laid down procedures to ensure that records are kept in an orderly manner. Do take the quiz and see if you understand them.


Questions and Answers
  • 1. 
    Fill in the blank:SEC Rule 17a-4(b) requires broker-dealers to preserve records of not less than _____ years.
    • A. 

      Two

    • B. 

      Three

    • C. 

      Four

    • D. 

      Five

  • 2. 
    Fill in the blank:SEC Rule 17a-4(b) requires broker-dealers to preserve certain records for at least three years. What is the required amount of time for these records to be kept in an easily accessible place?
    • A. 

      Six months

    • B. 

      One year

    • C. 

      Two years

    • D. 

      Three years

  • 3. 
    Which of the following online content is considered static content and needs to be archived?
    • A. 

      LinkedIn recommendations

    • B. 

      Blog comments

    • C. 

      Testimonials

    • D. 

      Social media profiles

  • 4. 
    Which of the following online content is considered interactive content and needs to be archived?
    • A. 

      Facebook wall activity

    • B. 

      The “About Us” page on your website

    • C. 

      Testimonials

    • D. 

      Blog post

  • 5. 
    Are broker-dealers allowed to use social media?
    • A. 

      Yes

    • B. 

      No

  • 6. 
    Which tweet by a broker-dealer below would be considered interactive content that needs to be archived?
    • A. 

      “I just bought a new car.”

    • B. 

      “I just bought shares of ___ car company.”

  • 7. 
    When does a firm become “entangled” with third-party content?
    • A. 

      An article was written about the firm.

    • B. 

      An executive of the firm was quoted in an article about an industry topic.

    • C. 

      An article was published after it was reviewed by the firm.

    • D. 

      An employee of the firm publishes an article on the firm’s blog.

  • 8. 
    When does a firm “adopt” third-party content?
    • A. 

      An executive of the firm was quoted in an article about an industry topic.

    • B. 

      The firm commissions an ad agency to create a billboard ad.

    • C. 

      The firm was the subject of an article.

    • D. 

      The firm reposts or shares an article on its website, blog or social media site.

  • 9. 
    When will emails trigger recordkeeping provisions?
    • A. 

      All emails sent from or received by the firm’s domain need to be archived.

    • B. 

      Email recordkeeping provisions depend on the content of the email communication.

    • C. 

      All emails originating from the firm’s IP address will trigger recordkeeping provisions.

    • D. 

      Only emails sent or received during normal operating hours will trigger recordkeeping provisions.

  • 10. 
    Why does a basic file server or shared drive NOT meet recordkeeping compliance?
    • A. 

      File servers and shared drives actually do meet every recordkeeping compliance provision.

    • B. 

      It lacks a searchable index.

    • C. 

      Digital files do not meet recordkeeping compliance. Physical documents are required.

    • D. 

      Many file servers and shared drives do not meet the minimum system requirements as mandated by FINRA.

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