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§ 280.651. Records to Be Preserved by Capital Access Companies.

10 CA ADC § 280.651BARCLAYS OFFICIAL CALIFORNIA CODE OF REGULATIONS

Barclays Official California Code of Regulations Currentness
Title 10. Investment
Chapter 3. Commissioner of Financial Protection and Innovation
Subchapter 2.3. Capital Access Companies
Article 11. Books and Records
10 CCR § 280.651
§ 280.651. Records to Be Preserved by Capital Access Companies.
(a) Every licensed capital access company shall:
(1) Preserve permanently, for the first two years in a readily accessible place, all books and records required to be made pursuant to paragraphs (1) through (6) of subsection (a) of Rule 280.650;
(2) Preserve for a period of not less than five years from the end of the fiscal year in which any transactions occurred, the first two years in an easily accessible place, all books and records required to be made pursuant to paragraphs (7) through (12) of Rule 280.650 and all vouchers, memoranda, correspondence, checkbooks, bank statements, cancelled checks, reconciliations, cancelled stock certificates, and other documents required to be maintained by 280.650(a) and not enumerated in Rule 280.650(b);
(3) Preserve for a period of not less than five years from the end of the fiscal year last used, the first two years in an readily accessible place, any advertisement, pamphlet, circular, form letter or other sales literature addressed to or intended for distribution to prospective investors.
(b)(1) The records required to be maintained and preserved under Rule 280.650 and this section may be produced or reproduced on photographic film after three years or, as provided in paragraph (2) of subsection (b), on magnetic tape, disk, or other computer storage medium, and be maintained and preserved for the required time in that form. If such records are produced or reproduced by photographic film or computer storage medium by or on behalf of, a capital access company, such capital access company shall:
(i) Arrange the records and index and file the films or computer storage medium in such a manner as to permit the immediate access and retrieval of any particular record;
(ii) Be ready at all times to provide, and promptly provide, any facsimile enlargement of film or computer printout or copies of the computer storage medium that the Commissioner, by his/her examiners or other representatives, or the directors of such capital access company may request;
(iii) Store separately from the original one other copy of the photographic film or computer storage medium for the time required;
(iv) With respect to records stored on computer storage medium, maintain procedures for maintenance and preservation of, and access to, records so as to reasonably safeguard records from loss, alteration, or destruction; and
(2) Under paragraph (b)(1) of this section, a capital access company may maintain and preserve on computer tape, disk, or other computer storage medium records that, in the ordinary course of the capital access company's business, are created by, or on behalf of, the capital access company on electronic media or are received by, or on behalf of, the capital access company solely on electronic media or by electronic data transmission.
(3) Notwithstanding the provisions of paragraphs (a) and (b) of this section, any record, book or other document may be destroyed in accordance with a plan previously submitted to and approved by the Commissioner.
Note: Authority cited: Sections 28500 and 28951, Corporations Code. Reference: Section 28500, Corporations Code.
HISTORY
1. New section filed 6-24-99; operative 7-1-99 pursuant to Government Code section 11343.4(d) (Register 99, No. 26).
This database is current through 7/29/22 Register 2022, No. 30
10 CCR § 280.651, 10 CA ADC § 280.651
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