Prudential Regulation Authority Rulebook

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]