For MiFID record keeping, how long must records be retained?

For MiFID (Markets in Financial Instruments Directive) record keeping, it is required that records must be retained for a minimum of five years. This timeframe is established to ensure that firms maintain comprehensive and accessible records that can be reviewed for compliance and regulatory purposes. Retaining records for five years allows regulators to ensure the proper functioning of financial markets and that firms have adhered to the necessary regulatory standards. This period enables assessment of trading activities, transaction reports, and client interactions, which are vital for transparency and accountability in financial services.

While some types of records might need to be kept for longer durations depending on specific regulatory requirements or business circumstances, the standard minimum retention period set by MiFID is five years, making it essential for firms to align their record-keeping practices accordingly.