{"id":878,"date":"2019-10-10T20:04:00","date_gmt":"2019-10-10T20:04:00","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=878"},"modified":"2025-05-14T09:13:25","modified_gmt":"2025-05-14T09:13:25","slug":"standard-5c-record-retention","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/ethical-and-professional-standards\/standard-5c-record-retention\/","title":{"rendered":"Standard V(C) \u2013 Record Retention"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Standard V \u2013 Investment Analysis, Recommendations, and Action (2025 Level I CFA\u00ae Exam \u2013 Module 3)\",\n  \"description\": \"This video lesson covers CFA Level 1 Ethics and Professional Standards, focusing on Standard V: Investment Analysis, Recommendations, and Actions. It explores diligence, reasonable basis, communication with clients, record-keeping practices, and the importance of separating fact from opinion in investment decisions, using practical examples and CFA Institute guidelines.\",\n  \"uploadDate\": \"2022-08-26T00:00:00+00:00\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/oqaI3Wh6UDw\/maxresdefault.jpg\",\n  \"contentUrl\": \"https:\/\/www.youtube.com\/watch?v=oqaI3Wh6UDw\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/oqaI3Wh6UDw\",\n  \"duration\": \"PT28M01S\"\n}\n<\/script>\n\n\n\n<p>[vsw id=&#8221;oqaI3Wh6UDw&#8221; source=&#8221;youtube&#8221; width=&#8221;611&#8243; height=&#8221;344&#8243; autoplay=&#8221;no&#8221;]<\/p>\n<p>Standard V(C) \u2013 Record Retention indicates that CFA members must develop a method for maintaining records for analysis, recommendations, and actions.<\/p>\n<p><!--more--><\/p>\n<h2>Compliance<\/h2>\n<p>Responsibility to maintain records typically falls upon a firm rather than an individual.\u00a0 That said, each member must keep accurate records that support investment-related communications.\u00a0 These records can be electronic or hard-copy.<\/p>\n<p>Local regulations may specify a timeframe for which a firm must hold specific categories of information. Firms must implement policies to comply with regulations to maintain investment records and client communication. In the absence of local regulation, CFA recommends retaining records for seven years.<\/p>\n<h2>Violation<\/h2>\n<p>Although the bulk of responsibility for Standard V(C) \u2013 Record Retention falls to a firm, individual members must maintain client records to avoid violating this standard.\u00a0 For example, clients\u2019 IPS, documents related to discussions of risk and limitations, and periodic updates must be retained.<\/p>\n<blockquote>\n<h2>Question<\/h2>\n<p>Nigella Reese enjoys lunch with a client whose portfolio she manages.\u00a0 During lunch, Reese recommends to the client that he reduce his stock holding in ABC Enterprises due to loss of patent protection on their most popular product. To comply with Standard V(C) \u2013 Record Retention, Reese should do the following when she returns to her office after lunch?<\/p>\n<p>A. Discuss her lunch conversation with her boss.<\/p>\n<p>B. Document the investment recommendation made over lunch with Reese\u2019s client.<\/p>\n<p>C. Identify other clients for whom ABC Enterprises may be a suitable investment.<\/p>\n<h5 data-tadv-p=\"keep\">Solution<\/h5>\n<p>The correct answer is B.<\/p>\n<p>Standard V(C) \u2013 Record Retention requires that investment professionals maintain record of all investment recommendations and actions.\u00a0 Reese should immediately record details of the recommendations made to her client regarding ABC Enterprises, as well as any client decisions made during their time together.<\/p><\/blockquote>","protected":false},"excerpt":{"rendered":"<p>[vsw id=&#8221;oqaI3Wh6UDw&#8221; source=&#8221;youtube&#8221; width=&#8221;611&#8243; height=&#8221;344&#8243; autoplay=&#8221;no&#8221;] Standard V(C) \u2013 Record Retention indicates that CFA members must develop a method for maintaining records for analysis, recommendations, and actions.<\/p>\n","protected":false},"author":18,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-878","post","type-post","status-publish","format-standard","hentry","category-ethical-and-professional-standards","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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