Ala. Admin. Code r. 830-X-3-.15

Current through Register Vol. 43, No. 1, October 31, 2024

Section 830-X-3-.15 - Records To Be Preserved By Registered Dealers

Except as otherwise provided by this rule, every dealer shall preserve the following records for a period of not less than three (3) years, during the first two (2) years of which such records shall be kept in an easily accessible place:

(a) All checkbooks, bank statements, cancelled checks and cash reconciliations;

(b) All bills receivable or payable (or copies thereof), paid or unpaid, relating to the dealer;

(c) Originals of all communications received and copies of all communications sent by such dealer (including interoffice memoranda and communications) relating to the business of the dealer;

(d) All trial balances, financial statements, branch office reconciliations and internal audit working papers relating to the business of the dealer;

(e) All guarantees of accounts and all powers of attorney and other evidence of the granting of any discretionary authority given in respect of any accounts, and copies of resolutions empowering an agent to act on behalf of a corporation;

(f) All written agreements (or copies thereof) entered into by a dealer relating to its business, including agreements with respect to any account;

(g) Every dealer shall preserve for a period of not less than three (3) years after the closing of any customer's account any account cards or records which relate to the terms and conditions with respect to the opening and maintenance of such account;

(h) Every dealer shall preserve during the life of the enterprise and of any successor enterprise all partnership articles or, in the case of a corporation, all articles of incorporation or charter, minute books, and stock certificate books;

(i) Every dealer shall maintain and preserve in an easily accessible place all records required under paragraph (1)(1) of Rule 830-X-3-.14 for at least three (3) years after the "associated person" has terminated his employment and any other connection with the dealer;

(j) After a record or other document has been preserved for two (2) years, unless a shorter period of time is permitted the registrant by the United States Securities and Exchange Commission, a microfilm or microfiche record may be substituted for the balance of the required time;

(k) A dealer subject to Rule 830-X-3-.14 ceasing to transact a business in securities, or ceasing to be registered in this state, shall continue to preserve the records which it is required to preserve pursuant to this rule; and

(l) The records (or a copy thereof) required by paragraph (1), subparagraphs (a), (f) and (h) of Rule 830-X-3-.14, shall be maintained in each office in this state, if any, from which transactions with respect to such records occurred, except as otherwise provided in paragraph (5) of Rule 830-X-3-.14.

(m) All records required to be preserved hereunder shall be in such form as may conveniently be examined by the Commission or its staff.

Author:

Ala. Admin. Code r. 830-X-3-.15

Filed September 30, 1982. Readopted: Filed November 9, 1983. Amended: Filed September 28, 1990.

Formerly Rule No. 830-X-3-.13.

Statutory Authority:Code of Ala. 1975, § 8-6-23.