116Retention of records relating to Part 1A

116 Retention of records relating to Part 1A

(1) A reporting entity must keep records that: (a) are reasonably necessary to demonstrate compliance with the reporting entity’s obligations under Part 1A; and (b) are in the English language, or in a form in which the records are readily accessible and readily convertible into writing in the English language. (2) Subsection (1) is a civil penalty provision. (3) A person who is or was a reporting entity must retain the records referred to in subsection (1) throughout the period: (a) beginning at the time the record was made; and (b) ending 7 years after the record is no longer relevant to the reporting entity’s compliance with its obligations under Part 1A. (4) Subsection (3) is a civil penalty provision.