Which statement is true about a state-registered investment adviser's recordkeeping obligations? а) only advisers that maintain custody of client funds are required to retain books and records that can be inspected by the administrator. b) an investment adviser that has offices in multiple states must keep records in accordance with the requirements set by the administrator of each state where an office is located. c) advisers are required to retain records for at least 5 years from the end of the fiscal year during which the last entry of record was made. d) electronic records are permitted as long as hard copies are kept in a separate secure location.