Khadri implements an electronic record-retention policy when she becomes the Westlake manager. In accordance with her policy, all records for the fund—including investment analyses, transactions, and investment-related communications with clients and prospective clients—are scanned and electronically stored. Vinken maintained the same records in hard copy format for the five years that he managed the Westlake Fund. Khadri has begun the process of scanning all of the past records of the Westlake Fund; however, Vinken complains that Khadri is wasting company resources by scanning old records. Vinken insists that he will continue to maintain only hard copy records for the Stonebridge Fund for the five years required by regulators.
Q. Are the record-retention policies of both Khadri and Vinken consistent with the CFA Institute Standards?
a Yes
b No, Khadri’s policy is not consistent
c No, Vinken’s policy is not consistent
he is only insisting to keep records for 5 years… so as per cfa code and standards is it 5 or 7 years and if 5 years then why option c is not valid??
In the absence of regulatory guidance or firm policies, CFA Institute
recommends maintaining records for at least seven years.
Here in this case Fulfilling such regulatory and firm requirements satisfies the “Record retention”