(1) Investment firms shall retain -
(a) all the records required under these Regulations for a period of at least 5 years, and
(b) records which set out
(i) the respective rights and obligations of the firm and the client under an agreement to provide services, or
(ii) the terms on which the firm provides services to the client,
for at least the duration of the relationship with the client.
(2) However, the Bank, in exceptional circumstances, may require investment firms to retain any or all of the records referred to in paragraph (1) for such longer period as is justified by the nature of the instrument or transaction, if that is necessary to enable the Bank to exercise its supervisory functions under these Regulations.
(3) Following the termination of the authorisation of an investment firm, the Bank may require the firm to retain records for the balance of the period required under paragraph (1).
(4) The investment firm or former investment firm shall ensure that the records ar