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SUP 12.9 Record keeping

SUP 12.9.1R

A firm must make the following records on each of its appointed representatives:

  1. (1)

    the appointed representative's name;

  2. (2)

    a copy of the original contract with the appointed representative and any subsequent amendments to it (including details of any restrictions placed on the activities which the appointed representative may carry on);1

  3. (3)

    the date and reason for terminating or amending its contract with the appointed representative, whenever such termination or amendment gives rise to a requirement to notify under SUP 12.8.1 R; and1

  4. (4)

    any arrangements agreed with other principals under SUP 12.4.5B R (Multiple principals).1

SUP 12.9.2R

A firm must retain these records for at least three years from the date of termination or the amendment of the contract with the appointed representativeother than in respect of tied agents when the records must be retained for a period of five years.2

2
SUP 12.9.3G

The firm should also satisfy itself that:

  1. (1)

    the appointed representative is making and retaining records in accordance with the relevant record keeping rules in the Handbook or, in relation to CBTL business, the record keeping requirements in or under Part 3 of the MCD Order, 3if these records are not maintained by the firm;

    3
  2. (2)

    the appointed representative (other than an introducer appointed representative) is making and retaining records sufficient to disclose with reasonable accuracy the financial position of the business it carries on in its capacity as the firm's appointed representative; and

  3. (3)

    the firm has full access to the appointed representative's records under (1) and (2) and any other records relevant to the regulated activities that the appointed representative carries on in that capacity.

SUP 12.9.4G

Firms are reminded that they should make and retain records in relation to any person who falls within the scope of the rules in TC or who performs a controlled function under an arrangement entered into by a firm or by an appointed representative. See SUP 10A, SUP 10C 4and TC for the applicable record keeping rules.

Record keeping in relation to EEA tied agents

SUP 12.9.5R

2If a UK MiFID investment firm appoints an EEA tied agent this section applies to that firm as though the EEA tied agent were an appointed representative.