A firm (other than a common platform firm)5 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 FCA5 or any other relevant competent authority under 5the UCITS Directive4 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: 5article 12(1)(a) of the UCITS Directive and article 4(1)(e) of the UCITS implementing Directive]4

1. (1)

   5A common platform firm must arrange for records to be kept of all services, activities and transactions undertaken by it.

2. (2)

   The records in (1) must be sufficient to enable the FCA to fulfil its supervisory tasks and to perform the enforcement actions under the regulatory system including MiFID, MiFIR and the Market Abuse Regulation, and in particular to ascertain that the common platform firm has complied with all obligations including those with respect to clients or potential clients and to the integrity of the market.

[Note: article 16(6) of MiFID]

A common platform firm3must retain all records kept by it under this chapter in relation to its MiFID business for a period of at least five years.

5

6A firm carrying on insurance distribution activities in relation to insurance-based investment products must retain its records relating to:

1. (1)

   suitability (COBS 9A); and

2. (2)

   appropriateness (COBS 10A),

for a period of at least five years.

1. (1)

   6SYSC 9.1.2CEU applies as if it was a rule to firms doing insurance distribution activities to which the IDD Regulation does not apply, in relation to the records for an insurance-based investment product required in COBS 9A.4 and COBS 10A.7.

2. (2)

   Firms to whom (1) applies must read references in SYSC 9.1.2CEU to “the competent authority” as meaning “the FCA”.

1A credit institution must keep records of any account information services and payment initiation services it provides.

A UK firm must keep the records required by SYSC 9.2.1R in respect of account information services and payment initiation services provided anywhere in the EEA. The records must make clear in which EEA State those services were provided.

An EEA firm must keep the records required by SYSC 9.2.1R in respect of account information services and payment initiation services provided in the UK.

The records required by SYSC 9.2.1R must be sufficient to enable the credit institution to provide to the FCA, upon request, the following information:

1. (1)

   The number of different payment accounts that the credit institution has accessed for the purposes of providing account information services.

2. (2)

   The number of payment service users who have used the account information services provided by the credit institution.

3. (3)

   The number of different payment accounts that the credit institution has accessed for the purposes of providing payment initiation services.

4. (4)

   The number of payment transactions the credit institution has initiated when providing payment initiation services.

The records required by SYSC 9.2.1R must be sufficient to enable the credit institution to provide the FCA with the information specified in SYSC 9.2.4R for each calendar year in the previous five years, except that there is no requirement to record this information for any period prior to 13 January 2018.

1. (1)

   When keeping records in accordance with SYSC 9.2.4R (1) and (3), credit institutions should count each individual payment account once, even where it has been accessed multiple times.

2. (2)

   When keeping records in accordance with SYSC 9.2.4R (2), credit institutions should count each customer once (including where the customer has used the account information services multiple times).