(

a) Every broker-dealer and every investment adviser licensed under

Section shall make and keep accounts, correspondence, memorandums, papers, books, and other records and shall file financial and other reports as the commissioner by rule requires, subject to the limitations of

Section 15(

h) of the Securities Exchange Act of with respect to broker-dealers and

Section of the Investment Advisers Act of with respect to investment advisers. (

b) All records so required shall be preserved for the time specified in the rule. (

c) All records referred to in this

section are subject at any time and from time to time to reasonable periodic, special, or other examinations by the commissioner, within or without this state, as the commissioner deems necessary or appropriate in the public interest or for the protection of investors. (

d) For the purpose of avoiding unnecessary duplications of examinations, the commissioner, insofar as he or she deems it practicable in administering this section, may cooperate with the securities administrators of other states, the Securities and Exchange Commission and any national securities exchange or national securities association. (

e) Unless otherwise provided by rule, every investment adviser subject to

Section and every broker-dealer, including an applicant for a license under

Section or 25230, shall furnish an authorization for disclosure to the commissioner of financial records of the licensee’s broker-dealer or investment adviser business pursuant to

Section of the Government Code.