1. AIFMs shall ensure that all required records referred to in Articles 64 and 65 are retained for a period of at least five years. However, competent authorities may require AIFMs to ensure that any or all of those records are retained for a longer period, taking into account the nature of the asset or portfolio transaction, where it is necessary to enable the authority to exercise its supervisory functions under Directive 2011/61/EU.
2. Following the termination of the authorisation of an AIFM, the records are to be retained at least for the outstanding term of the five-year period referred to in paragraph 1. Competent authorities may require retention for a longer period. Where the AIFM transfers its responsibilities in relation to the AIF to another AIFM, it shall ensure that the records referred to in paragraph 1 are accessible to that AIFM.
3. The records shall be retained on a medium that allows the storage of information in a way accessible for future reference by the competent authorities, and in such a form and manner that:
the competent authorities are able to access them readily and to reconstitute each key stage of the processing of each portfolio transaction;
corrections or other amendments, and the contents of the records prior to such corrections or amendments, may be easily ascertained;
no other manipulation or alteration is possible.