21 Va. Admin. Code § 5-20-65

Current through Register Vol. 41, No. 6, November 4, 2024

Section 21VAC5-20-65 - Broker-dealer records retention requirements

The following requirements apply to every registered broker-dealer as a condition of registration as a broker-dealer under the Act:

1. All of the broker-dealer's records, promptly upon the request of the commission, will be made available for inspection by the commission and reproduction for the commission in an office where the records are maintained;

2. All of the broker-dealer's records or legible copies of the same, or printouts of the same, if automated, pertaining to a securities transaction any part of which occurred or is to occur within the Commonwealth of Virginia will be made available for inspection by the commission in the office of the commission's Division of Securities and Retail Franchising within five days after request of the commission for same;

3. The term "records" as used in this section means and includes all books, papers, documents, tapes, films, photographs, electronic readable format or other materials, regardless of physical form or characteristics that (i) are maintained for recordation or storage of information prepared, used or to be used in connection with a securities transaction or (ii) were used or are to be used in connection with securities transactions;

4. Failure to comply with this section may be considered grounds for the institution of a proceeding to revoke a broker-dealer's registration or for such other penalty prescribed by the Act; and

5. Any broker-dealer subject to a commission investigation may be required to pay the actual cost of the investigation.

21 Va. Admin. Code § 5-20-65

Derived from Virginia Register Volume 23, Issue 23, eff. July 1, 2007.

Statutory Authority

§§ 12.1-13 and 13.1-523 of the Code of Virginia.