Comprehensive record keeping is the foundation of all compliance requirements. Under MiFID II alone, records of all activities and transactions must be kept for up to 7 years. This includes all transactions, even if they didn’t conclude.
The records that need to be kept are wide-ranging and include orders, trades, phone calls, mail, faxes, email, instant messages, documents, sales and marketing research, and even meeting minutes. This breadth of records would be challenging enough, but it does not end there.
Regulations such as MiFID II require you to store all records in tamper-proof, Write Once, Read Many (WORM) immutable format; and should the regulator request, you may be required to retrieve or access records within 72 hours.
