Final answer:
In the U.S., the standard duration for retaining records of a non-closing transaction by a broker is typically seven years, as stipulated by FINRA, but it's essential to verify any additional state-specific laws.
Step-by-step explanation:
The duration for which a broker must retain records of a transaction that does not close can vary based on the regulations of the jurisdiction in which the broker operates. However, in the United States, the Financial Industry Regulatory Authority (FINRA) stipulates that brokers must keep records related to business transactions, accounts, and communications for a minimum of seven years. It’s important for brokers to stay informed about the legal requirements in their specific area, as state laws can impose additional recordkeeping requirements.