Entire Section

  • COB 2.5 COB 2.5 Record keeping

    • COB 2.5.1

      An Authorised Firm must keep records of:

      (1) the procedures which it has followed under the Rules in this chapter, including any documents which evidence the Client's classification; and
      (2) any notice sent to the Client under the Rules in this chapter and evidence of despatch.
      Derived from DFSA RM149/2015 (Made 11th February 2015) [VER24/04-15]

    • COB 2.5.2

      (1) The records in Rule 2.5.1 must be kept by an Authorised Firm for at least six years from the date on which the business relationship with a Client has ended.
      (2) In complying with (1), an Authorised Firm may, if the date on which the business relationship with the Client ended is unclear, treat the date of the completion of the last Transaction with the Client as the date on which the business relationship ended.
      Derived from DFSA RM149/2015 (Made 11th February 2015) [VER24/04-15]

    • COB 2.5.3

      (1) Without limiting the generality of the record keeping requirements applicable to an Authorised Firm, an Authorised Firm must, where it relies on Rule 2.4.4 and Rule 2.4.5, ensure that the DFSA has unrestricted access to all the records required for the firm to be able to demonstrate to the DFSA its compliance with the applicable requirements, including any records maintained by or at its head office or any other branch of the same legal entity, or a member of its Group.
      (2) An Authorised Firm must notify the DFSA immediately if, for any reason, it is no longer able to provide unrestricted access to records as required under (1).
      Derived from DFSA RM149/2015 (Made 11th February 2015) [VER24/04-15]

    • Guidance

      1. See GEN Rules 5.3.245.3.27 for the requirements relating to record keeping. These Rules require, among other things, that Authorised Firms be able to produce records, however kept, within a reasonable period not exceeding three business days.
      2. If an Authorised Firm is aware of any restrictions that prevent it from being able to produce relevant records relating to a client classification referred to in Rule 2.5.3(1), that firm would need to undertake its own client classifications.
      Derived from DFSA RM149/2015 (Made 11th February 2015) [VER24/04-15]