Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.8.12

Requirements in relation to financial records of financial services licensees

  (1)   For section   988F of the Act, the financial records of a financial services licensee must be kept in sufficient detail as to show or include, for basic deposit products:

  (a)   separate particulars of every transaction by the financial services licensee; and

  (b)   the day on which, or the period during which, each transaction by the financial services licensee took place.

  (2)   For section   988F of the Act, the financial records of a financial services licensee must be kept in sufficient detail as to show or include, for all financial products other than basic deposit products:

  (a)   the information mentioned in subregulation   (1); and

  (b)   if the financial services licensee is not a partner in a firm--separate particulars of each transaction by the financial services licensee with, or for the account of:

  (i)   clients of the financial services licensee; or

  (ii)   the financial services licensee's own account; or

  (iii)   other financial services licensees; or

  (iv)   representatives of the financial services licensee; or

  (v)   employees of the financial services licensee; and

  (c)   if the financial services licensee is a partner in a firm--separate particulars of each transaction by the financial services licensee with, or for the account of:

  (i)   clients of the financial services licensee other than the partners in the firm; or

  (ii)   the partners in the firm; or

  (iii)   the financial services licensee's own account; or

  (iv)   other financial services licensees; or

  (v)   representatives of the financial services licensee; or

  (vi)   employees of the financial services licensee; and

  (d)   copies of acknowledgments of the receipt of financial products or documents of title to financial products.


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