1.
A record required to be maintained by an investment adviser pursuant to
sections 10, 11 and 13 to 18, inclusive:
(a)
May be maintained by the investment adviser in such a manner that the identity
of any client to whom the investment adviser renders investment supervisory
services is indicated by numerical or alphabetical code or some similar
designation.
(b) Must be maintained
and preserved by the investment adviser:
(1)
Except as otherwise provided in this section, in an easily accessible place for
a period of not less than 5 years after the end of the fiscal year during which
the last entry was made on record, the first 2 years of which must be in the
principal office of the investment adviser.
(2) If the record is described in paragraph
(k) or (n) of subsection 1 of section 13, in an easily accessible place for a
period of not less than 5 years after the end of the fiscal year during which
the investment adviser last published or otherwise disseminated, directly or
indirectly, the notice, circular, advertisement, newspaper article, investment
letter, bulletin, or other communication, including by electronic media, the
first 2 years of which must be in the principal office of the investment
adviser.
(3) If the record is
described in paragraphs (o) to (t), inclusive, of subsection 1 of section 13,
in an easily accessible place for a period of not less than 5 years after the
end of the fiscal year during which the last entry was made on such record, the
first 2 years of which must be in the principal office of the investment
adviser, or for the time period during which the investment adviser was
registered or required to be registered in this State, if less than 5
years.
(4) If the record is a
partnership article including any amendment thereof, article of incorporation,
charter, minute book and stock certificate book of the investment adviser and
of any predecessor, in the principal office of the investment adviser and
preserved until at least 3 years after termination of the enterprise.
