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Microsoft Information Protection Administrator SC-400 Certification Guide
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As always, there are technical requirements for using records management. It is also an E5 feature, available in the following license plans:
The Office 365 plans listed previously allow the usage of records management by declaring items as records or regulatory records, automatically applying retention or record labels, and executing disposition review processes. To use trainable classifiers for automatically applying a retention label, you need to have one of the Microsoft 365 E5/A5/G5 plans listed previously.
For more information regarding records management licensing requirements, please refer to official documentation such as the following:
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