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.

1.1A

This Part does not apply to a firm with respect to the carrying on of benchmarking activities except to the extent that they transpose an EU instrument.

1.2

In this Part, the following definitions shall apply:

Article 72 Record Keeping Requirements

means requirements and obligations as set out in Article 72 (Record Keeping) of the MODR.

other matters

means, in relation to a requirement under the MODR, matters within the scope of 1.1 that are not within the scope of that requirement.

2.1

A firm must arrange for orderly records to be kept of its business and internal organisation, including all services, activities and transactions undertaken by it, which must be sufficient to enable the PRA or any other relevant competent authority under MiFID II to:

1. (1) fulfil its supervisory tasks and perform the enforcement actions under the regulatory system; and
2. (2) in particular ascertain that the firm has complied with all obligations.

[Note: Art. 16(6) of MiFID II]

2.1A

A MiFID investment firm must extend the arrangements required by the Article 72 Record Keeping Requirements so they apply with respect to other matters on the following basis:

1. (1) references to “competent authority” are references to the PRA or the FCA acting other than in the capacity of a competent authority for the purposes of MiFID II or CRR; and
2. (2) references to “Directive 2014/65/EU, Regulation (EU) No 600/2014, Directive 2014/57/EU and Regulation (EU) No 596/2014 and their respective implementing measures” are references to “the regulatory system”.

2.1B

A firm that is not a MiFID investment firm must comply with the Article 72 Record Keeping Requirements on the basis set out in 2.1A and as if references to “investment firm” refer to a firm.

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.

2.3