Record Keeping

1.1

Unless otherwise stated, this Part applies to a CRR firm

1. (1) with respect to the carrying on of the following from an establishment in the UK:
1. (a) regulated activities;
2. (b) activities that constitute dealing in investments as principal, disregarding the exclusion in article 15 of Regulated Activities Order;
3. (c) ancillary activities;
4. (d) in relation to MiFID business, ancillary services; and
5. (e) unregulated activities in a prudential context; and
2. unless another applicable rule which is relevant to the activity has a wider territorial scope, in which case this Part applies with that wider scope in relation to the activity described in that rule
3. (2) with respect to the carrying on of passported activities by it from a branch in another EEA state;
4. (3) in a prudential context with respect to activities wherever they are carried on; and
5. (4) taking into account any activity of other members of a group of which the firm is a member.

2.1

A firm must arrange for orderly records to be kept of its business and internal organisation, including all services and transactions undertaken by it, which must be sufficient to enable the PRA or any other relevant competent authority under MiFID to monitor the firm’s compliance with the requirements under the regulatory system, and in particular to ascertain that the firm has complied with all obligations with respect to clients.

[Note: Art. 13(6) of MiFID, and Art. 5(1)(f) of the MiFID implementing Directive ]

2.2

A firm must retain all records kept by it under this Part in relation to its MiFID business for a period of at least five years.

[Note: Art. 51 (1) of the MiFID implementing Directive]

2.3

In relation to its MiFID business, a firm must retain records in a medium that allows the storage of information in a way accessible for future reference by the PRA or any other relevant competent authority under MiFID, and so that the following conditions are met:

1. (1) the PRA or any other relevant competent authority under MiFID must be able to access them readily and to reconstitute each key stage of the processing of each transaction;
2. (2) it must be possible for any corrections or other amendments, and the contents of the records prior to such corrections and amendments, to be easily ascertained; and
3. (3) it must not be possible for the records otherwise to be manipulated or altered.

[Note: Art. 51(2) of the MiFID implementing Directive]