Final answer:
Customer confirmations must be kept for only three years, per FINRA requirements, whereas most other customer documents such as statements and new account forms are retained for a longer period of six years.
Step-by-step explanation:
Among the options provided, Customer confirmations must be kept for only three years according to the Financial Industry Regulatory Authority (FINRA) record-keeping rules. Regulatory bodies like FINRA set forth minimum record retention requirements for different types of records for securities firms:
- Customer statements are typically required to be kept for six years.
- Customer new account forms also fall under the six-year requirement.
- Customer confirmations of transactions, being less critical for historical documentation or ongoing relationships with clients, have a three-year retention requirement.
- Customer order tickets are generally retained for three years, but certain details pertinent to the order must be retained for six years.
It's very important for financial institutions to adhere to these guidelines to ensure regulatory compliance and to have the necessary documentation available in case of disputes or audits.