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, 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