MiFID v2: Firms must keep records for at least five years

Article 51 of the proposals requires firms to keep records for at least the period of their relationship with their client. It also states regulatory authorities may, in exceptional circumstances, require investment firms to retain “any or all of these records for such longer a period as is justified by the nature of the instrument or transaction, if that is necessary for the authority to exercise its supervisory functions under Directive 2004/39/EC”. Firms that have their authorisation to carry out investment advice revoked by the regulator will be required to keep records of their tr...