Administration & LiabilityQuestion 95 of 100
Regarding records of registered broker-dealers and investment advisers, the Administrator:
a.May inspect records only after obtaining a search warrant
b.May require records but may never inspect them outside the state
c.May by rule require registrants to make and keep specified records and may examine those records within or outside the state, at any reasonable time and as often as necessary
d.May inspect records only during an annual audit announced in advance
Explanation
The act authorizes the Administrator to prescribe recordkeeping requirements and to conduct reasonably frequent examinations of registrants' records, whether the records are located in the state or elsewhere. Examinations may be announced or unannounced and do not require a warrant, because registration carries consent to inspection. Registrants must also ensure records are preserved for the periods set by rule.
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