(1) A regulated firm shall retain records demonstrating the compliance of a person for whom the firm is responsible under Regulation 3 with the Minimum Competency Code.
(2) Subject to paragraph (3), records referred to in paragraph (1) shall be retained for a minimum period of 6 years after the date the person ceases to perform a relevant function on behalf of the regulated firm.
(3) In respect of the retention of records relating to grandfathered persons, regulated firms shall remain subject to the obligations of Regulation 12 and Regulation 15(b) after the minimum period referred to in paragraph (2) has passed.