PURPOSE: This rule prescribes the periods of time books and records of investment advisers must be preserved.

1. (1) Every registered investment adviser shall preserve for a period of not less than three (3) years, the first two (2) years in an easily accessible place, all records required by 15 CSR 30-51.140 and the following additional records which also shall be made available to the commissioner for examination:

   1. (A) All checkbooks, bank statements, canceled checks and cash reconciliations;
   2. (B) All bills or statements (or copies thereof) paid or unpaid, relating to the business of the investment adviser;
   3. (C) Originals of all communications received and copies of all communications sent, pertaining to services rendered or to be rendered to its clients or customers by the investment adviser, other than interoffice or interdepartmental communications;
   4. (D) All powers of attorney and other evidence of the granting of any discretionary authority in any account, and copies of resolutions empowering an agent to act on behalf of any client; and
   5. (E) All written agreements (or copies thereof) entered into by an investment adviser relating to the business of the investment adviser, including agreements with respect to any account, which agreements shall set forth the fees to be charged and the manner of computation and method of payment.
2. (2) Every registered investment adviser shall preserve for a period of not less then three (3) years after the closing of any client’s account, all required records relating to the account.
3. (3) Every registered investment adviser shall preserve, during the life of the enterprise and of any successor enterprises, all partnership articles, or all articles of incorporation or charter, minute books and stock certificate books.
4. (4) After a record or other document has been preserved for two (2) years, a photograph of the record or document on film may be substituted for the balance of the required time.

AUTHORITY: sections 409.203 and 409.413(a), RSMo 1986.* Original rule filed June 25, 1968, effective Aug. 1, 1968. Amended: Filed May 21, 1969, effective Aug. 1, 1969. Amended: Filed July 21, 1972, effective Aug. 1, 1972. Amended: Filed Nov. 15, 1974, effective Nov. 25, 1974.

*Original authority: 409.203, RSMo 1967 and 409.413, RSMo 1967.