Recordkeeping obligations require research analysts to preserve client-service evidence, communications, disclosures, and undergo annual compliance audits.

Research analysts and research entities must retain signed research reports, recommendations, supporting rationale, public-appearance records, and specified client-service records. Communication records, including emails and call recordings with clients and prospective clients, must be preserved, although recordings involving institutional investors are not mandatory. Terms of service and client consent must also be retained. Records may be physical or electronic, must be kept for at least five years, and electronically signed records require digital signatures. Annual compliance audits and prescribed reporting are required.

---

---

---