Every registered broker-dealer, shall comply with the recordkeeping requirements of the Securities Act of 1934. A licensed investment adviser, subject to the limitations of Section 222 of the Investment Advisers Act of 1940, shall make and keep such accounts, correspondence, memoranda, papers, books, and other records as the securities commissioner prescribes by rule or order. All records so required shall be preserved for three years, unless such period is modified by the securities commissioner by rule or order, and subject to the limitations of the Securities Exchange Act of 1934 and Section 222 of the Investment Advisers Act of 1940 for broker-dealers and investment advisers, respectively.