22Records to be kept

22 Records to be kept

(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.