{"id":"F2024L01201","name":"ASIC Corporations (Record-Keeping Requirements for Australian Financial Services Licensees when Giving Personal Advice) Instrument 2024/508","slug":"asic-corporations-record-keeping-requirements-for-australian-financial-services-licensees-when-givin","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":105380,"registerId":"commonwealth-F2024L01201-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"“912G Record-keeping: personal advice","sectionType":"section","heading":"“912G Record-keeping: personal advice","content":"#### “912G Record-keeping: personal advice\n\n  (1) This section applies in relation to the provision of personal advice to a person (the client) as a retail client by a financial services licensee (the provider) or a representative (the provider) of a financial services licensee.\n  (2) The financial services licensee must ensure that records of the following matters are kept in relation to the provision of the personal advice:\n    (a) the information relied on and the action taken by the provider that indicates the provider has, in accordance with subsection 961B(1), acted in the best interests (the best interests duty) of the client in relation to the advice; and\n    (b) if subsection 961B(2) is being relied on to prove that the best interests duty has been satisfied—the information relied on and the action taken by the provider that satisfies the steps in that subsection;\n\n> Note: The keeping of records that satisfy the record-keeping obligation in paragraph (b) will satisfy the record-keeping obligation in paragraph (a).\n\n    (c) the advice given, including the reasons why, under section 961G, it would be reasonable to conclude that the advice is appropriate to the client, had the provider satisfied the best interests duty;\n    (d) where the provider knows, or reasonably ought to know, that there is a conflict between the interests of the client and the interests of a person mentioned in any of the paragraphs in subsection 961J(1)—the information relied on and the action taken by the provider to indicate that the provider has given priority to the client’s interests when giving the advice.\n  (3) The financial services licensee must ensure the records required to be kept by this section:\n    (a) are kept for 7 years after the day the personal advice was provided to the client; and\n    (b) are accessible by the licensee at all times during that period in a way that enables the licensee to produce the records.\n  This obligation continues to apply even if the financial services licensee ceases to be a financial services licensee during the period that the records are required to be kept and accessible.\n  (4) If the provider is an authorised representative of a financial services licensee and the records required to be kept by this section are kept by the authorised representative, the authorised representative:\n    (a) must give the records to the licensee if requested by the licensee, provided the request is made:\n    (i) in connection with the obligations imposed on the licensee under this Chapter; and\n    (ii) within 7 years after the day on which the personal advice was provided to the client; and\n    (b) unless the records have been given by the authorised representative to the licensee—must keep the records for a period of 7 years after the day on which the personal advice was provided to the client.\n    This obligation continues to apply even if the authorised representative ceases to be an authorised representative of the financial services licensee during the period that the records are required to be given or kept.\n  (5) Nothing in subsection (4) limits the operation of subsections (2) and (3).\n  (6) This section does not apply to the provision of personal advice given in relation to a financial product in circumstances where the provider satisfies the duty in subsection 961B(1) in relation to the advice given in relation to the financial product if the provider takes the steps mentioned in paragraphs 961B(2)(a), (b) and (c).\n  (7) This section (other than paragraph (2)(d) and subsection (3) as it relates to that paragraph) does not apply to the provision of personal advice covered by either of the following circumstances:\n    (a) the provision of personal advice for which a Statement of Advice is not required to be given to the client;\n    (b) the provision of personal advice for which a record of the advice is kept in accordance with subsection 946B(3A).\n\nPart 3—Repeal\n\n6 Repeal\n\nThis instrument is repealed at the start of 1 October 2029.","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"The instrument prescribes record‑keeping requirements for personal advice and specifies retention, access, authorised‑representative duties, limited exemptions, and a repeal date. It does not itself state that it alters the underlying statutory scope; rather it implements record‑keeping obligations tied to existing duties and contains narrow carve‑outs. No explicit change to the original statutory scope is declared within this instrument."},"complexity_factors":["Cross-references to substantive duties and tests outside this instrument (the best‑interests duty, the ‘steps’ that satisfy it, the appropriateness test, and conflict rules) require users to consult multiple provisions to understand compliance obligations.","Multiple conditional branches and carve-outs (e.g. reliance on specified steps to satisfy duty; exemptions where a Statement of Advice is not required; recordkeeping already covered under another subsection) increase interpretive points.","Differentiated obligations for licensees and authorised representatives, including transfer and retention duties and continuing obligations if a party ceases to hold status, create layered compliance chains.","Temporal requirement: seven‑year retention plus accessibility at all times for production imposes systems and storage costs and operational requirements.","Knowledge standard (“knows, or reasonably ought to know”) for conflict detection introduces a fact‑sensitive, potentially litigable threshold for when enhanced records are required.","Time‑limited repeal (instrument ceases 1 Oct 2029) means transitional and sunset planning for compliance systems.","Note that paragraph-level carve-outs (e.g. limited nonapplication of certain subprovisions) add drafting complexity when determining which duties apply in particular factual scenarios."],"plain_english_summary":"This instrument requires Australian financial services licensees and their representatives to keep detailed, accessible records when they give personal advice to retail clients: the facts relied on, actions taken to show the provider met the best‑interests duty (including any steps relied on to satisfy that duty), reasons the advice is appropriate, and how any client conflicts were prioritised. Records must be kept and accessible for seven years; authorised representatives must provide records on request. The instrument contains narrow exemptions and expires on 1 October 2029."},"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"The instrument appears tightly focused on its original purpose of establishing record-keeping requirements for personal advice. It does not expand into unrelated areas; the scope aligns with the stated purpose in the title and section 912G."},"complexity_factors":["Multiple cross-references to the Corporations Act (sections 961B, 961G, 961J, 946B) requiring external knowledge","Nested conditional logic in subsection (6) — exemption applies only if both the best interests duty is satisfied AND specific steps in 961B(2)(a)-(c) are taken","Partial exemption in subsection (7) that excludes only certain paragraphs for certain circumstances","Continuing obligations that survive termination of employment or licensing status (subsections (3) and (4))","Interaction between authorised representative obligations and licensee obligations requires careful parsing of subsections (4) and (5)","Note creates an interpretive shortcut that affects compliance strategy but is easy to overlook"],"plain_english_summary":"This instrument requires financial services licensees and their representatives to keep records when giving personal advice to retail clients showing they met the legal \"best interests\" duty, why advice was appropriate, and how conflicts were handled. Records must be retained and accessible for seven years, and authorised representatives must hand them to their licensee on request.\n\nExceptions include following a specified safe-harbour process, advice not requiring a Statement of Advice, or coverage by an existing record rule. Expires 1 Oct 2029."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-record-keeping-requirements-for-australian-financial-services-licensees-when-givin","history":"/api/acts/asic-corporations-record-keeping-requirements-for-australian-financial-services-licensees-when-givin/history","analysis":"/api/acts/asic-corporations-record-keeping-requirements-for-australian-financial-services-licensees-when-givin/analysis","conflicts":"/api/acts/asic-corporations-record-keeping-requirements-for-australian-financial-services-licensees-when-givin/conflicts","importantCases":"/api/acts/asic-corporations-record-keeping-requirements-for-australian-financial-services-licensees-when-givin/important-cases","documents":"/api/acts/asic-corporations-record-keeping-requirements-for-australian-financial-services-licensees-when-givin/documents"}}