Corporations Act 2001
A company, registered scheme or disclosing entity may decide where to keep the financial records. Records kept outside this jurisdiction 289(2)
If financial records about particular matters are kept outside this jurisdiction, sufficient written information about those matters must be kept in this jurisdiction to enable true and fair financial statements to be prepared. The company, registered scheme or disclosing entity must give ASIC written notice in the prescribed form of the place where the information is kept.
[ CCH Note: S 289(2) will be amended by No 69 of 2020, s 3, Sch 1 and [ 608], by substituting " the Registrar notice " for " ASIC written notice in the prescribed form " and inserting " The notice must meet any requirements of the data standards. " at the end, (effective 22 June 2022 or a day or days to be fixed by Proclamation).]
An offence based on subsection (2) is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal Code .
ASIC may direct a company, registered scheme or disclosing entity to produce specified financial records that are kept outside this jurisdiction. 289(4)
The direction must:
(a) be in writing; and
(b) specify a place in this jurisdiction where the records are to be produced (the place must be reasonable in the circumstances); and
(c) specify a day (at least 14 days after the direction is given) by which the records are to be produced.