870 Form 2017-2023

870 Form: What You Should Know

An entity's records shall remain open for business and any financial information received or produced in connection with such information shall be  confidential. An entity will maintain its records for the period necessary to fulfill its purpose. All records received or produced during the period described shall be  completed and preserved in its inventory file and only used for the purpose of performing its function; provided, however, that to allow  further use by the recipient, the information shall be destroyed within a reasonable time following the conclusion of its service. Records shall be  confidential and shall be destroyed after completion of the transaction that generated the records. An entity may, subject to  certain limitations, provide the recipient with information that is obtained in the course of the business conducted with  such recipient. If it provides this type of information, an entity must provide a separate written  notice to its investor to explain the nature and extent of the recipient's use of the information; the recipient must  inform its investor of the terms and conditions of that use In general, an entity will accept investor funds in an “unlimited form and will not require a signed waiver  from individuals or other entities when an entity, a broker, or a depository services provides these services. Where an entity requires a signed waiver, the recipient must disclose the terms of the approval. An entity may, subject to any  limitations, provide the recipient with information that is obtained in the course of the business conducted with such entity; provided, however, that to allow further use by the recipient, the information shall be destroyed within a reasonable time following the conclusion of its service. Records shall be completed and preserved in its inventory file and only used for the purpose of performing its function; provided,  such records shall not be used to satisfy an asset, liability, or accounting problem or issue. However, such records may be  retained on a continuing basis for record-keeping purposes or for the benefit of law enforcement or the security or obligations of such entity in an appropriate case. Any records retained must be  destroyed within a reasonable time following the completion of the transaction that generated the records. Records shall be confidential and shall be destroyed after completion of the transaction that generated the records.

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