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Answer: 5 years.
According to **Standard V(C) - Record Retention**, firms must adhere to regulatory or firm-imposed record retention policies. In the absence of regulatory requirements, the CFA Institute recommends retaining records for at least seven years. Since there are no applicable laws in this scenario, the member must follow the firm's policy of retaining records for five years. The recommendations of the local investment association and client preferences are not relevant in this context.
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A member works for an investment firm with no applicable laws on record retention. The firm's policy mandates retaining records for five years, while a local investment association suggests eight years, and some clients prefer ten years. According to the CFA Standards, how long should records be retained?
A
5 years.
B
8 years.
C
10 years.