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Status: You are viewing the version of the handbook as on 2009-03-31.

REC 2.9 Transaction recording

REC 2.9.1UKRP

Schedule to the Recognition Requirements Regulations, Paragraph 4(2)(e)

2Without prejudice to the generality of sub-paragraph [4(1)], the [UK RIE] must ensure that-

satisfactory arrangements are made for recording transactions effected on the [UK RIE], and transactions (whether or not effected on the [UK RIE ]) which are cleared or to be cleared by means of itsfacilities;

REC 2.9.2UK

Schedule to the Recognition Requirements Regulations, Paragraph 19(2)(c)

2Without prejudice to the generality of sub-paragraph [19(1)], the [UK RCH] must ensure that-

satisfactory arrangements are made for recording transactions which are cleared or to be cleared by means of itsfacilities;

REC 2.9.3GRP

In determining whether a UK recognised body has satisfactory arrangements for recording the transactions effected on, or cleared or to be cleared by means of, its facilities, the FSA may have regard to:

  1. (1)

    whether the UK recognised body has arrangements for creating, maintaining and safeguarding an audit trail of transactions for at least three years (five years in respect of transactions carried out by members who are not incorporated in the United Kingdom if the UK recognised body is a regulated market); and

  2. (2)

    the type of information recorded and the extent to which the record includes details for each transaction of:

    1. (a)

      the name of the investment (and, if relevant, the underlying asset) and the price, quantity and date of the transaction;

    2. (b)

      the identities and, where appropriate, the roles of the counterparties to the transaction;

    3. (c)

      if the UK recognised body's rules make provision for transactions to be effected, cleared or to be cleared in more than one type of facility, or under more than one part of its rules, the type of facility in which, or the part of its rules under which, the transaction was effected, cleared or to be cleared; and

    4. (d)

      the date and manner of settlement of the transaction.

REC 2.9.4G

Where transactions are effected on an UK RIE and cleared through an UK RCH, the UK recognised bodies concerned may agree which information is to be recorded by each UK recognised body and need not duplicate each other's records.