According to Standard V(C) - Record Retention, local regulators often impose specific record retention requirements on members, candidates, and their firms, which must be adhered to. Firms may also establish policies outlining the retention period for research and client communication records. Compliance with these regulatory and firm requirements fulfills the obligations under Standard V(C). In cases where no regulatory guidance or firm policies exist, the CFA Institute recommends maintaining records for a minimum of seven years. This aligns with ethical and professional standards aimed at preventing violations of the Code of Ethics and Standards of Professional Conduct.