Under the EAR, which of the following records must be retained?

Retaining notes, correspondence, and memos is important under the Export Administration Regulations (EAR) because these documents provide context and clarity regarding the decisions made during export activities. This retention requirement ensures a comprehensive record-keeping practice that includes not only formal documents but also informal communications that may impact compliance. These records can help demonstrate adherence to export control laws during audits or investigations, affirming that all aspects of a company's export activities are well-documented and transparent.

In contrast, while export control documents, financial records, and transactional documents like invoices and shipping labels are also important, retaining a broader spectrum of communications that reflect the company's thought process and operational decisions can provide critical insight into compliance activities. This holistic approach to documentation helps organizations ensure they are compliant with EAR, particularly in the complexities around export licensing and classification.