An authorised fund manager of a UCITS scheme 2must ensure, for each portfolio transaction relating to a scheme it manages, that a record of information which is sufficient to reconstruct the details of the order and the executed transaction is produced without delay.
The record referred to in (1) must include:
the details necessary to identify the instrument in question;
the type of the order or transaction;
for orders, the date and exact time of the transmission of the order and the name or other designation of the person to whom the order was transmitted, or for transactions, the date and exact time of the decision to deal and execution of the transaction;
the name of the person transmitting the order or executing the transaction;
where applicable, the reasons for the revocation of an order; and
for executed transactions, the counterparty and execution venue identification.
[Note: article 14 of the UCITS implementing Directive]
An authorised fund manager of a UCITS scheme 2 must take all reasonable steps to ensure that every subscription and redemption order it receives relating to units in any such scheme it manages are centralised and recorded immediately after receipt of that order.
The record referred to in (1) must include information on the following:
the relevant scheme;
the person giving or transmitting the order;
the person receiving the order;
the date and time of the order;
the terms and means of payment;
the type of the order;
the date of execution of the order;
the number of units subscribed or redeemed;
the gross value of the order including charges for subscription or net amount after charges for redemption.
[Note: article 15 of the UCITS implementing Directive]
An authorised fund manager of a UCITS scheme 2must ensure the retention of the records referred to in COLL 6.13.2 R and COLL 6.13.3 R for a period of at least five years or, in exceptional circumstances and where directed by the FCA, for a longer period, determined by the nature of the instrument or portfolio transaction, where it is necessary to enable the FCA to exercise its supervisory functions in respect of UCITS schemes2.
Following the termination of its authorisation, an authorised fund manager of a UCITS scheme 2must retain its records referred to in (1) for the outstanding term of the five year period or, if it transfers its responsibilities in relation to the UCITS to another authorised fund manager2, arrange for those records for the past five years to be accessible to that other manager.
The authorised fund manager 2must retain the records referred to in COLL 6.13.2 R and COLL 6.13.3 R in a medium that allows the storage of information in a way accessible for future reference by the FCA, and in such a form and manner that the following conditions are met:
the FCA must be able to access them readily and to reconstitute each key stage of the processing of each portfolio transaction;
it must be possible for any corrections or other amendments, and the contents of the records prior to such corrections or amendments, to be easily ascertained; and
it must not be possible for the records to be otherwise manipulated or altered.
[Note: article 16 of the UCITS implementing Directive]
An authorised fund manager of a UCITS scheme 2must make appropriate arrangements for suitable electronic systems so as to permit a timely and proper recording of each portfolio transaction or subscription or redemption order, in order to be able to comply with COLL 6.13.2 R (Recording of portfolio transactions) and COLL 6.13.3 R (Recording of subscription and redemption orders).
[Note: article 7(1) of the UCITS implementing Directive]