What Is the Books and Records Rule (Rule 204-2)?
Rule 204-2 covers a broad range of records: trade blotters, client account records, communications with clients, advertising and marketing materials, written policies and procedures, and documentation supporting performance claims, among others. Most records must be kept for five years, the first two in an easily accessible location, though some categories (like the firm’s formation documents) must be retained for the life of the business.
State-registered advisers are typically subject to similar recordkeeping rules under their state’s adopted version of the rule, which may include minor variations from the federal standard.