California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 11 - Securities Depositories
Section 1805.210.1 - Preservation of Records

Universal Citation: 10 CA Code of Regs 1805.210.1

Current through Register 2024 Notice Reg. No. 38, September 20, 2024

Every licensed securities depository shall preserve its records in the manner prescribed under subdivision (d) of Section 1805.210 of these rules and in accordance with the following requirements:

(a) There shall be preserved for a period of not less than 10 years, the first two of which shall be in an easily accessible place:

(1) All records required to be made pursuant to subsection (a) (1), (2) and (3) of Section 1805.210 of these rules.

(2) All records required to be made pursuant to subsection (a) (8) of Section 1805.210 of these rules, including all working papers in connection therewith.

(3) Copies of all reports required to be filed with the Commissioner under Section 30213 of the Financial Code, together with all correspondence with the Commissioner thereon.

(b) There shall be preserved for a period of not less than four years, the first two of which shall be in an easily accessible place, the following records:

(1) All records required to be made pursuant to subsection (a) (4), (5), (6) and (7) of Section 1805.210 of these rules.

(2) All cheek books, bank statements, cancelled cheeks and cash reconciliations.

(3) All bills receivable or payable (or copies thereof, paid or unpaid).

(4) Originals of all communications received and copies of all communications sent by the securities depository (including inter-office memoranda and communications).

(5) All written agreements (or copies thereof) entered into by the securities depository.

(c) There shall be preserved for a period of not less than four years after the termination of employment of any person or after a person ceases to be a holder of capital stock, the first two years of which shall be in an easily accessible place, the records pertaining to such person maintained pursuant to subsections (a) (9) and (10) of Section 1805.210.

(d) Every securities depository shall preserve for the life of the enterprise and any successor enterprise, the articles of incorporation and amendments thereto, the bylaws and amendments thereto, the minute books and stock certificate books of the corporation.

(e) After a record or other document has been preserved for two years, there may be substituted for such record for the balance of the required time (i) a photograph thereof on film or (ii), with respect to the records specified in subsections (a) (1), (2), (3), (4) and (5) of Section 1805.210, on computer tapes or cards; provided t at, as to all such records so maintained, the securities depository shall (1) at all times have available for the Commissioner's examination of his records facilities for immediate, easily readable projection of the microfilm and for producing easily readable copies of all such film or computer records, (2) arrange and index and file such records in a manner as to permit the immediate location of any particular record, and (3) be ready at all times to provide, and immediately provide, any facsimile, enlargement or print-out which the Commissioner may request.

(f) If a person who has been subject to the requirements of Section 1805.210 of these rules ceases to hold a certificate as a securities depository, such person shall continue to preserve the records which he heretofore preserved pursuant to this section for the remainder of the periods of time specified in this section or for ten years, whichever is the shorter period.

1. Editorial correction adding NOTE filed 3-9-83 (Register 83, No. 11).

Note: Authority cited: Section 30006, Financial Code. Reference: Sections 30210, 30211 and 30213, Financial Code.

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