Recordkeeping and documentation requirements.

13-03-22-07. Recordkeeping and documentation requirements. 1. Credit unions must comply with all generally accepted accounting principles applicable to reports or statements required to be filed with the national credit union administration. 2. A credit union must maintain documentation for each investment transaction for as long as it holds the investment and until the documentation has been examined in accordance with North Dakota Century Code section 6-06-08. The documentation should include, when applicable, bids and prices at purchase and sale and for periodic updates, relevant disclosure documents or a description of the security from an industry-recognized information provider, financial data, and tests and reports required by credit union's investment policy and this chapter. 3. A credit union must maintain documentation its board of directors used to approve a broker-dealer or a safekeeper for as long as the broker-dealer or safekeeper is approved and until the documentation has been examined in accordance with North Dakota Century Code section 6-06-08. 4. A credit union must obtain an individual confirmation statement from each broker-dealer for each investment purchased or sold. History: Effective January 1, 2007; amended effective April 1, 2022. General Authority: NDCC 6-01-04 Law Implemented: NDCC 6-06-06