Commonwealth Consolidated Acts

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Requirement to retain information

  (1)   A financial services licensee must retain evidence of the continuing professional development undertaken during the licensee's CPD year by:

  (a)   if the licensee is a relevant provider--the licensee; and

  (b)   if a relevant provider is authorised to provide personal advice to retail clients, on behalf of the licensee, in relation to relevant financial products--the relevant provider.

  (2)   The evidence must be retained for 12 months after the end of the CPD year.


  (3)   A person commits an offence if:

  (a)   the person is required to retain evidence under this section; and

  (b)   the person fails to retain the evidence in accordance with this section.

Penalty:   50 penalty units.

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