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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC. CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE    View history reference

Division 6 - Financial records, statements and audit    View history reference

Subdivision B - Financial records of financial services licensees    View history reference

SECTION 988A  OBLIGATION TO KEEP FINANCIAL RECORDS  

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988A(1)  [Content and state of financial records]  


A financial services licensee must (subject to subsection (2)):


(a) keep financial records that correctly record and explain the transactions and financial position of the financial services business carried on by the licensee; and


(b) keep those records in accordance with the requirements of this Subdivision; and


(c) comply with the requirements of this Subdivision in relation to conversion of records into the English language (see subsection 988C(2)).

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

988A(2)  [No contravention]  


The licensee does not contravene a requirement of this Subdivision merely because some or all of the records are kept as a part of, or in conjunction with, the records relating to any other business that is carried on by the licensee.

Note: A defendant bears an evidential burden in relation to the matters in this subsection. See subsection 13.3(3) of the Criminal Code.


 



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