Investor Presentaiton
Question:
What information will licensees be required to retain
under Section 38-99-20(B) (4)? How long must
licensees retain this information?
Section 38-99-20 (B)(4) addresses retention schedules. The Act requires
licensees to develop a schedule for retention of nonpublic information
and a mechanism for destruction of nonpublic information when no
longer needed. A retention schedule is a document listing the business'
records, the length of time each document will be retained as an active
record, the reason for its retention (administrative, legal, fiscal or
historical) and the disposition of those records.
This provision does not require licensee to retain nonpublic records, but
instead ensures that licensees who store nonpublic information do not
retain this information indefinitely. Nonpublic information that is no
longer needed by the licensee should be destroyed in accordance with the
licensee's record retention schedule and applicable law.View entire presentation