Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

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

Division 6 - Financial records, statements and audit  

Subdivision B - Financial records of financial services licensees  

SECTION 988A   OBLIGATION TO KEEP FINANCIAL RECORDS  

988A(1)    
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)    
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 .