Recordkeeping Obligation
/ˈrɛkərdˌkiːpɪŋ ˌɑbləˈɡeɪʃən/
Definitions
- (n.) A legal duty imposed on individuals or entities to maintain and preserve specific records for a prescribed period to ensure accountability and regulatory compliance.
The company faced penalties for violating the recordkeeping obligation under financial regulations.
Forms
- recordkeeping obligation
Related terms
See also
Commentary
Typically arises in regulatory or contractual contexts; drafters should specify the duration, format, and scope of records to avoid ambiguity.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.