The requirements cover:

• Personal transactions by staff;
• Prevention of conflicts of interest;
• Approval of new financial instruments;
• Continuity and regularity of services and activities;
• Management of third parties providing critical services;
• Internal control and risk management mechanism and procedures;
• Recordkeeping; and
• Safeguarding of client ownership rights.

Recordkeeping requirements

Records that are required to be kept include:

• telephone conversations; and
• electronic communications.

Records must be kept even where the communications do not result in the conclusion of a transaction or the actual execution of client orders.

Electronic communications covers a broad range of communication methods that include:

• Emails;
• Social media;
• Tweets;
• Text messaging;
• Chats; and
• Videos.

The retention period for the records is five or seven years if requested by a competent authority.