Brokerage Document Retention Policy

PRO — Thu, 30 Nov 2006 14:32:00 +0000

Creating a

Brokerage Document Retention

Policy

There are a number of steps a Brokerage needs to undertake in creating a document retention policy. Each Brokerage should go through these steps on their own, as there is not a “one size fits all” model for record retention. The requirements will vary by Brokerage based on its size, state legal requirements, and also its business practices. The most important element for a good record retention policy is following the policy after it is created, as having a policy which is not followed is probably worse than not having a policy.

Below is a brief description of the process each Brokerage should undertake in creating a record retention policy. Following that is a list of different types of documents and some recommended time frames for how long the Brokerage should maintain these records. This is not intended to be comprehensive or even authoritative; rather, it is intended to serve as a guide for Brokerages in creating these policies. Brokerages need to consult with their attorney while creating these policies because state law will determine how long a Brokerage needs to maintain its records. A record retention policy adopted, and followed, by the Brokerage will reduce the costs and burdens of any future litigation.

For information on how to create a Document Retention Policy, and to see sample documents with retention periods, click here.

For additional information related to document retention, see the Update on Changes to Federal Discovery Rules, click here.

SECURITY411: Category Sample Document Retention Policy

Brokerage Document Retention Policy