• COBS 3.7 COBS 3.7 Record Keeping

    • COBS 3.7.1

      An Authorised Person must, for a minimum of six years, maintain sufficient records in relation to each activity and function of the Authorised Person. These must include, where applicable, the following:

      (a) any Marketing Material issued by, or on behalf of, the Authorised Person;
      (b) any Financial Instruments provided to or Regulated Activities carried out for the benefit of a Client and each advice or recommendation made to a Client;
      (c) documents regarding Client classification under Rule 2;
      (d) a record of each Client Agreement including any subsequent amendments to it as agreed with the Client;
      (e) records relating to the suitability assessment undertaken by the Authorised Person to demonstrate compliance with these Rules;
      (f) records to demonstrate compliance with the requirements relating to inducements, including any disclosure made to Clients under that rule and if any goods and services are received by the Authorised Person under a Soft Dollar Agreement, the details relating to those agreements;
      (g) financial promotions under Schedule 2 of FSMR; and
      (h) any other disclosures made to Clients.

    • COBS 3.7.2

      For the purposes of Rule 3.7.1, the six year period commences:

      (a) in the case of the requirement in Rule 3.7.1(a), from the date on which the Marketing Material was last provided to a Person;
      (b) in the case of the requirement in Rule 3.7.1(b) to Rule 3.7.1(d), from the date the Client ceases to be a Client of the Authorised Person;
      (c) in the case of the requirement in Rule 3.7.1(e), from the date on which the relevant inducements were last received; and
      (d) in the case of the requirement in Rule 3.7.1(g), from the date on which the relevant financial promotion was made.