s 22

Records to be kept

In force

(1)

A registered corporation must keep records of the activities of the members of its group that:

(a)

allow it to report accurately under this Act; and

(b)

enable the Regulator to ascertain whether the corporation has complied with its obligations under this Act; and

(c)

comply with the requirements of subsection (3) and the regulations made for the purposes of subsection (4).

Civil penalty: 1,000 penalty units.

(2)

A person required to provide information under section 20 must keep records of the person’s activities that:

(a)

allow the person to provide information accurately under this Act; and

(b)

enable the Regulator to ascertain whether the person has complied with its obligations under this Act; and

(c)

comply with the requirements of subsection (3) and the regulations made for the purposes of subsection (4).

Civil penalty:

(d)

for an individual—200 penalty units; or

(e)

otherwise—1,000 penalty units.

(3)

The corporation or person must retain the records for 5 years from the end of the year in which the activities take place.

(4)

The regulations may specify requirements relating to:

(a)

the kinds of records; and

(b)

form of records;

that must be kept under subsection (1) or (2).

(5)

In this section:

this Act does not include Part 3E.

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