Financial Markets Act, 2012 (Act No. 19 of 2012)

Regulations

Financial Markets Act Regulations

Chapter VI : Central Counterparties

42. Record keeping

42.1 General requirements
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(1)The records must be retained in a durable medium so that information could be provided within the time specified in subregulations (2) and (3) to the Authority and other supervisory authorities and in such a form and manner that the following conditions are met—
(a)it is possible to reconstitute each key stage of the processing by the central counterparty;
(b)it is possible to record, trace and retrieve the original content of a record before any corrections or other amendments;
(c)appropriate measures are in place to prevent unauthorised alteration of records;
(d)appropriate measures are in place to ensure the security and confidentiality of the data recorded;
(e)a mechanism for identifying and correcting errors is incorporated in the record keeping system;
(f)appropriate precautionary measures to enable the timely recovery of the records in the case of a system failure are included in the record keeping system.

 

(2)Where records or information are less than six months old, they must be provided to the authorities listed in subregulation (1) as soon as possible and at the latest by the end of the following business day following a request from the supervisory authority.

 

(3)Where records or information are older than six months, it must be provided to the authorities listed in subregulation (1) as soon as possible and within five business days following a request from the supervisory authority.

 

(4)Where a central counterparty maintains records outside the Republic, it must ensure that the Authority is able to access the records to the same extent and within the same periods as if they were maintained within the Republic.

 

(5)A central counterparty must name the relevant persons who can, within the delay established in subregulations (2) and (3) for the provision of the relevant records, explain the content of its records to the supervisory authorities.

 

(6)All records required to be kept by a central counterparty under this Regulation must be open to inspection by the Authority.

 

(7)A central counterparty must provide the Authority with a direct data feed to transaction records and or position records when requested.