California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 2.3 - Capital Access Companies
Article 11 - Books and Records
Section 280.651 - Records to be Preserved by Capital Access Companies
Universal Citation: 10 CA Code of Regs 280.651
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) Every licensed capital access company shall:
(1) Preserve permanently, for the first
two years in a readily accessible place, all books and records required to be
made pursuant to paragraphs (1) through (6) of subsection (a) of Rule
280.650;
(2) Preserve for a period
of not less than five years from the end of the fiscal year in which any
transactions occurred, the first two years in an easily accessible place, all
books and records required to be made pursuant to paragraphs (7) through (12)
of Rule 280.650 and all vouchers, memoranda, correspondence, checkbooks, bank
statements, cancelled checks, reconciliations, cancelled stock certificates,
and other documents required to be maintained by 280.650(a) and not enumerated
in Rule 280.650(b);
(3) Preserve
for a period of not less than five years from the end of the fiscal year last
used, the first two years in an readily accessible place, any advertisement,
pamphlet, circular, form letter or other sales literature addressed to or
intended for distribution to prospective investors.
(b)
(1) The
records required to be maintained and preserved under Rule 280.650 and this
section may be produced or reproduced on photographic film after three years
or, as provided in paragraph (2) of subsection (b), on magnetic tape, disk, or
other computer storage medium, and be maintained and preserved for the required
time in that form. If such records are produced or reproduced by photographic
film or computer storage medium by or on behalf of, a capital access company,
such capital access company shall:
(i) Arrange
the records and index and file the films or computer storage medium in such a
manner as to permit the immediate access and retrieval of any particular
record;
(ii) Be ready at all times
to provide, and promptly provide, any facsimile enlargement of film or computer
printout or copies of the computer storage medium that the Commissioner, by
his/her examiners or other representatives, or the directors of such capital
access company may request;
(iii)
Store separately from the original one other copy of the photographic film or
computer storage medium for the time required;
(iv) With respect to records stored on
computer storage medium, maintain procedures for maintenance and preservation
of, and access to, records so as to reasonably safeguard records from loss,
alteration, or destruction; and
(2) Under paragraph (b)(1) of this section, a
capital access company may maintain and preserve on computer tape, disk, or
other computer storage medium records that, in the ordinary course of the
capital access company's business, are created by, or on behalf of, the capital
access company on electronic media or are received by, or on behalf of, the
capital access company solely on electronic media or by electronic data
transmission.
(3) Notwithstanding
the provisions of paragraphs (a) and (b) of this section, any record, book or
other document may be destroyed in accordance with a plan previously submitted
to and approved by the Commissioner.
1. New section filed 6-24-99; operative 7-1-99 pursuant to Government Code section 11343.4(d) (Register 99, No. 26).
Note: Authority cited: Sections 28500 and 28951, Corporations Code. Reference: Section 28500, Corporations Code.
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