Washington law is clear: firms must maintain a copy of all transaction folders for a minimum of three years and brokers are responsible for timely submitting records to the firm. What is often confusing to brokers and firms alike, however, is which records must be stored and when broker is required to deliver those records to the firm.
Most brokers are familiar with the easy part of this requirement. All transactional documents must be given by broker, to broker’s managing broker, within two days of mutual acceptance of the document. But what about documents that are never mutually accepted or that require the signature of only one party? And, what other documents must a firm retain in a transaction folder? This workshop will answer all these questions and more!