Section 87
of Securities Markets Regulations, 2015
Section 87
(1)
A collective investment scheme administrator must maintain records which are sufficient to show and explain transactions in relation to each of the specific activities and functions which are being provided to each operator in relation to the unit holders of the collective investment scheme or potential unit holders of the collective investment scheme, as the case may be.
(2)
The records referred to in sub-regulation (1) must be -
(a}
maintained by the collective investment scheme administrator such as to enable the board of directors of the collective investment scheme to ensure that any accounts prepared comply with the Regulations and any other applicable laws;
(b)
retained by the collective investment scheme administrator for at least 7 years from the date to which they relate;
(c)
at all reasonable times, open to inspection by the Authority, the collective investment scheme's auditor and any person providing oversight functions for the collective investment scheme; and
(d)
if requested by the Authority, capable of reproduction within a reasonable period not exceeding 3 days, in hard copy and in the English language.