AMC vs Standards Fun fact

CFA Level III
#1

for record retention: in the absence of any law, standards say keep records for 7 years. AMC says 6 years.

#2

and 5 for GIPS

#3

GIPS does not say 5 … it’s 6 or 7 per GIPS. Then again, AMC is a MINIMUM standard for the firm. You could just set everything to 10 and be done with it.