The Securities Exchange Commission (SEC) is a federal agency which holds primary
responsibility for enforcing the federal securities laws and regulating the securities
industry, the nation’s stock and options exchanges, and other electronic securities
markets in the USA. SEC Rules regulate topics from quarterly and bi-annual audits to
data life cycle management.
A broker or dealer must preserve documents and records for three to six years, the first two years of which, they must be in an accessible place. All documents and records must be time-stamped, stored in a non-rewriteable/non-erasable format, organized and indexed, with a duplicate copy stored separately from the original. The indexes should be also duplicated and stored separately from the original, and they should be available for examination and preserved as long as the documents and records.
Investment Advisors Act SEC Rule 204-2 – Requires all registered investment advisor relevant data to be kept for no less than 5 years.
Hedge Fund SEC Rule 203(b)(3)-2 – Requires relevant data to be kept for no less than 5 years.