60Keeping of financial records

#### 60 Keeping of financial records Financial records must be kept in Australia etc. (1) If an ADI is required, under section 286 of the Corporations Act 2001, to keep financial records (within the meaning of that Act), the ADI must keep the records: (a) in the English language, or in a form in which the records are readily accessible and readily convertible into writing in the English language; and (b) either: (i) in Australia; or (ii) if APRA gives written approval and the ADI meets the conditions (if any) specified in the approval—in another country specified in the approval. (2) The approval may be given subject to specified conditions. Notification of address where financial records are kept (3) An ADI must notify APRA, in the approved form, of the address where the ADI’s financial records are kept: (a) if, immediately before the commencement of this section, the ADI has a section 9 authority—within 28 days after that commencement; or (b) otherwise—within 28 days after the ADI is granted a section 9 authority. (4) If: (a) an ADI has notified APRA of the address where the ADI’s financial records are kept; and (b) the ADI moves the financial records to a new address; the ADI must notify APRA, in the approved form, of the new address where the financial records are kept. (5) The notification must be given within 28 days after the day on which the financial records are moved to the new address. Offence (6) An ADI commits an offence if the ADI contravenes subsection (1). Penalty: 200 penalty units. Merits review (7) Part VI applies to the following decisions: (a) a refusal to give an approval under paragraph (1)(b); (b) a decision to give the approval subject to conditions.