COB 2.5 COB 2.5 Record keeping
Authorised Firmmust keep records of:(1) the procedures which it has followed under the Rules in this chapter, including any documents which evidence the Client'sclassification; and(2) any notice sent to the Clientunder the Rules in this chapter and evidence of despatch.
COB 2.5.2(1) The records in Rule 2.5.1 must be kept by an
Authorised Firmfor at least six years from the date on which the business relationship with a Clienthas ended.(2) In complying with (1), an Authorised Firmmay, if the date on which the business relationship with the Clientended is unclear, treat the date of the completion of the last Transactionwith the Clientas the date on which the business relationship ended.
COB 2.5.3(1) Without limiting the generality of the record keeping requirements applicable to an
Authorised Firm, an Authorised Firmmust, 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 Firmmust notify the DFSA immediately if, for any reason, it is no longer able to provide unrestricted access to records as required under (1).
Guidance1. See GEN Rules 5.3.24 – 5.3.27 for the requirements relating to record keeping. These Rules require, among other things, that
Authorised Firmsbe able to produce records, however kept, within a reasonable period not exceeding three business days.2. If an Authorised Firmis 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.