Article 75 - Record Keeping Periods

Records required to be kept and maintained pursuant to Article 25 of the Law and Article 74 of these Regulations shall be kept and maintained for a period of five years following the end of the Fiscal Year to which they relate.

The following Excluded Entities shall keep and maintain the records described in Article 25 of the Law and Article 74 of these Regulations for a period of five years following the end of the Fiscal Year to which they relate:

1. Pension Funds.

2. An Investment Fund that is an Ultimate Parent Entity.

3. A real estate investment vehicle that is an Ultimate Parent Entity.

4. An Entity, other than a pension service entity, where at least 95% of the value of the Entity is directly or indirectly owned by one or more Excluded Entities referred to in Clauses 1, 2 and 3 of this Paragraph provided that the Entity operates exclusively or almost exclusively to own assets or invest funds on behalf of Excluded Entities and it engages exclusively in activities ancillary to those performed by Excluded Entities.

5. An Entity, other than a pension service entity, where at least 85% of the value of the Entity is directly or indirectly owned by one or more Excluded Entities referred to in Clauses 1, 2 and 3 of this Paragraph, provided that most of the Entity's income is primarily derived from gains or losses on shares or equity interests excluded from the computation of Constituent Entity Income or Loss.

Notwithstanding Paragraphs A and B of this Article, records relating to real estate and capital assets shall be retained for a period of ten years following the end of the Fiscal Year to which they relate.

The Bureau may, prior to the expiration of the retention periods specified in the preceding Paragraphs, notify an Entity requiring it to retain records beyond the retention period for an additional period provided that such additional period shall not exceed five years.