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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