Records required include those on the business and internal organisation of the firm as well as all services and transactions undertaken by it.

Generally, the records must be retained for as long as is relevant for the purposes for which they are made.

A common platform firm or must retain records related to its MiFID business for a period of at least five years.

The same five year retention period applies to a firm distributing insurance-based investment products though COBS 9A.4.3R and COBS 10A.7.2AR requirements mean that the records may need to be held for a longer period.

Generally it must be possible to reproduce the records on paper and in English.

If a record is not in English it can be retained in that language, however a translation should be provided on request.

If a record relates to business carried out outside the UK the official language of the country in which the business is undertaken can be used.

In connection with records for non-MiFID business a firm must have appropriate systems and controls in place that ensure the security of and acces to the records. (SYSC 9.1.5)