All RE5 questions
Record Keeping Comply with regulated record keeping requirements
An FSP stores all required records electronically. To comply with the FAIS Act, which of the following is NOT a requirement for these electronic records?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) They must be easily retrievable.
- b) They must be securely backed up against loss or destruction.
- c) They must be stored in a format that cannot be altered.
- d) They must be printed out in hard copy at the end of each financial year.Correct
Why this is the answer
The Code of Conduct and FAIS Act (Sec 18) permit electronic storage, provided the records are secure, easily retrievable (A), and adequately backed up (B). Their integrity must be maintained (C), but there is no requirement to print them out in hard copy annually (D).
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