Corporations Regulations 2001

For section 991D of the Act, this regulation applies in relation to:

instructions received by a financial services licensee to deal in financial products, on behalf of a client, through licensed markets or through other financial markets (whether inside or outside Australia); and

instructions received by a financial services licensee to deal in financial products, on the financial service licensee’s own account, through licensed markets or through other financial markets (whether inside or outside Australia).

The financial services licensee must keep records setting out brief particulars of the following matters:

the instructions;

if the instructions were received on behalf of a client—the client;

the person who gave the instructions to the financial services licensee;

the date and time of receipt of the instructions, and the person who received the instructions;

the date and time of transmission of the instructions, and the person who transmitted the instructions;

the date and time of execution of the instructions.

For subregulation (2), if:

a financial services licensee transmits for execution on a financial market outside Australia and the external Territories instructions to deal in financial products; and

it is not reasonably practicable for the financial services licensee to set out the date and time of execution of those instructions in its records;

The financial services licensee must keep records relating to instructions given by a client to deal in financial products in a manner that makes the records identifiable separately from records relating to instructions to deal in financial products on the financial services licensee’s own account.

The financial services licensee must keep the records mentioned in subregulation (2) for at least 5 years after the particulars are created.