Record Keeping

1.1

Unless otherwise stated, this Part applies to a CRR firm, and a CRR consolidation entity:

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) [deleted.]
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.

1.1B

1. (1) A firm must comply with this Part on an individual basis.
2. (2) A CRR consolidation entity must arrange for orderly records to be kept relating to the consolidated situation of the group, and for this purpose, references to a firm in this Part (other than in 1.1 and 1.1B) mean a CRR consolidation entity.

1.2

In this Part, the following definitions shall apply:

organisational records

means the records set out in Table 1 of 2.5.

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 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

[Deleted]

2.1B

[Deleted]

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

2.4

A firm must retain the records kept by it under this Part in a medium that allows the information to be stored in a way which is accessible for future reference by the PRA, and in such a form and manner that the following conditions are met:

1. (1) the PRA is able upon request to access the records readily and to reconstitute each key stage of the processing of each transaction;
2. (2)  it is possible for any corrections or other amendments, and the contents of the records prior to such corrections or amendments, to be easily ascertained;
3. (3)  it is not possible for the records otherwise to be manipulated or altered;
4. (4) it allows the use of information technology, or any other efficient exploitation, when the analysis of the data cannot be easily carried out due to the volume and the nature of the data; and
5. (5)  the firm's arrangements comply with the record keeping requirements in this Part irrespective of the technology used.

2.5

A firm must keep at least the organisational records as appropriate to the nature of its activities. The list of organisational records is without prejudice to any other record-keeping obligations arising from the regulatory system.

Table 1: Organisational Records

2.6

A firm must keep written records of any policies and procedures which it is required to maintain pursuant to the requirements of the regulatory system relating to its MiFID business.