Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.