Financial Industry Regulatory Authority (FINRA) Practice Exam 2025 - Free FINRA Practice Questions and Study Guide

The requirement for retaining customer order tickets for six years aligns with the regulations set forth by FINRA and the Securities and Exchange Commission (SEC). Customer order tickets serve as essential documentation of the transactions executed on behalf of customers. They provide critical details such as the order type, execution times, and any specific instructions from the customer, which are vital for compliance, transparency, and auditing purposes.

While customer statements, new account forms, and customer confirmations are also important documents that broker-dealers maintain, their retention periods differ. Customer statements typically must be kept for a shorter period, often just three years. New account forms and customer confirmations also have distinct retention requirements, generally set at three to five years. This specificity is crucial because it ensures that firms align their record-keeping practices with the necessary regulatory demands, maintaining sufficient records to allow for regulatory reviews and to support potential inquiries or disputes.