![]() One of the more common deficiencies RIA Compliance Consultants has noted during recent mock regulatory examinations centers on this rule. Orders entered pursuant to the exercise of discretionary power shall be so designated. Such memorandum shall show the terms and conditions of the order, instruction, modification or cancellation shall identify the person connected with the investment adviser who recommended the transaction to the client and the person who placed such order and shall show the account for which entered, the date of entry, and the bank, broker or dealer by or through whom executed where the appropriate. 80b-3) shall make and keep true, accurate and current the following books and records relating to its investment advisory business (3) A memorandum of each order given by the investment adviser for the purchase or sale of any security, and of any modification or cancellation of any such order or instruction. (a) Every investment adviser registered or required to be registered under section 203 of the Act (15 U.S.C. ยง 275.204-2 Books and records to be maintained by investment advisers. Items in bold have been bolded for emphasis. The specific language from Rule 204-2(a)(3) reads as follows. The majority of states have similar recordkeeping requirements. Rule 204-2(a)(3) of the Advisers Act requires adviser firms to maintain a memorandum or each order given by the adviser (also known as a trade ticket). ![]()
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