FINRA Rule 4514 requires a firm or associated person to get a customer’s express written authorization before obtaining from the customer, or submitting for payment, a negotiable instrument on the customer’s checking, savings, share, or similar account. Which of the following is TRUE regarding this written authorization?

It must be retained for 3 years following the date the authorization expires

It must be retained for 5 years following the date the authorization expires

It must be retained for 10 years following the date the authorization expires

It is not required to retain this information

This written authorization must be retained for 3 years following the date the authorization requires

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