PART 3Information and Investigations
Obligation to record and retain records
Obligation to record and retain records8
1
This regulation applies to any person (“RP”) who is a regulated person except a person—
a
who is an individual; and
b
who is acting in the course of employment by another regulated person.
2
In this regulation, “relevant communication” means any telephone conversation or electronic communication made for the direct or indirect purpose of entering into any transaction in wholesale energy products, where—
a
“electronic communication” includes any communication made by way of fax, email or instant messaging device; and
b
“wholesale energy products” has the same meaning as in REMIT.
3
RP must take reasonable steps to ensure—
a
that any relevant communication is recorded; and
b
that a copy of any relevant communication is retained in accordance with paragraph (4).
4
A copy of any relevant communication is to be retained—
a
for a period of at least six months from the date the record was created; and
b
in a medium that allows the storage of information in a way that is accessible for future reference by the Authority when the Authority is exercising the powers conferred on it by regulation 9, 11, 14 or 16.
5
In paragraph (4), the obligation to ensure that storage is accessible for future reference by the Authority includes that—
a
the Authority must be able to access the record readily;
b
the Authority must be able to easily ascertain—
i
if any correction or other amendment has been made to a record, and
ii
the content of any record prior to such correction or amendment; and
c
it must not be possible for any record to be otherwise manipulated or altered.
6
RP must take reasonable steps to prevent the making, sending or receiving of any relevant communication (including on privately-owned equipment)—
a
that they cannot ensure is recorded, or
b
if they cannot ensure that a copy is retained in accordance with paragraph (4).
7
The Authority may, by notice in writing, require RP to ensure that any specified relevant communication is retained beyond the period required by paragraph (4)(a) and until a specified date.
8
If the Authority no longer requires RP to ensure that any specified relevant communication is retained in accordance with paragraph (7) it must notify RP in writing.
9
In paragraphs (7) and (8), “specified” means specified in the notice.