Past version: effective from 21/10/2015 - 20/10/2015
To view other versions open the versions tab on the right
67. The Authorised Person should maintain appropriate records of:
a. credit Exposures, including aggregations of credit Exposures, by:
i. Groups of Connected Counterparties; and
ii. types of Counterparty as defined, for example, by the nature or geographical location of the Counterparty;
b. credit decisions, including details of the facts or circumstances upon which a decision was made; and
c. information relevant to assessing current credit quality.
68. Credit records should be retained for at least six years, subject to any requirement in the Rules requiring such records to be kept for a longer period.
69. It is important that sound and legally enforceable documentation is in place for each credit agreement as this may be called upon in the event of a default or dispute. An Authorised Person should therefore consider whether it is appropriate for an independent legal opinion to be sought on documentation used by the Authorised Person. Documentation should be in place before the Authorised Person enters into a contractual obligation or releases funds.