4.) Jacaranda’s record-keeping policy is most likely in violation of Standard V©: Record Retention with regard to the: A. keeping of hard and electronic copies. B. retention of personal notes and research models. C. retention time frame. Didn’t Jacaranda violate the retention time frame standard here? Jacaranda recently adopted the CFA Institute code but retains records for the last 5 years. Although it meets the local regulations, isn’t the CFA standards the stricter of the two by requiring 7 years???
CFA standards recommend 7 yrs not require - i think so
If 7 years were a requirement then yes, but it is only a recommendation, so the firm does not have to follow it.
Oh and where are you taking the exam, CPT or JHB?
CPT
Ok, so just for clarity, the CFA Standards requires you to adhere to local laws on record retention but in the absence of such local laws, it recommends at least 7 years.
Yep, the case will usually state how long records are kept though.
I got this wrong as well. I thought that firms had to comply with the stricter of CFAI rules and local rules, which would be 7 years in this case.