Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:7:p2
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 7 (pt 2/39)
Character Range: 1107964–1110879

required by that regulation to provide; and
 (b) all cases where the financial services licensee determined that an amount that was just and equitable in the circumstances for the purposes of subregulation 7.7A.15AK(2) was nil.
 (3) The requirements are as follows:
 (a) an explanation of how the financial services licensee ascertained the identity of the product holders;
 (b) an explanation of:
 (i) if paragraph (2)(a) applies—how the financial services licensee determined that the amounts to pay, or the amounts of the monetary benefit to provide, were just and equitable in the circumstances for the purposes of subregulation 7.7A.15AK(2); and
 (ii) if paragraph (2)(b) applies—how the financial services licensee determined that nil amounts were just and equitable in the circumstances for the purposes of subregulation 7.7A.15AK(2);
 (c) a description of the financial product or products to which the conflicted remuneration relates, including the following information:
 (i) the name of that product (or the names of those products);
 (ii) the product identification number of that product (or the product identification numbers of those products) (if any);
 (d) if paragraph (2)(a) applies:
 (i) the date by which the financial services licensee was required under regulation 7.7A.15AK to pay the amounts or provide the monetary benefits; and
 (ii) the date or dates on which the amounts were paid, or the monetary benefits were provided; and
 (iii) a description of the manner in which the amounts were paid, or the monetary benefits were provided.

7.8.12  Requirements in relation to financial records of financial services licensees
 (1) For section 988F of the Act, the financial records of a financial services licensee must be kept in sufficient detail as to show or include, for basic deposit products:
 (a) separate particulars of every transaction by the financial services licensee; and
 (b) the day on which, or the period during which, each transaction by the financial services licensee took place.
 (2) For section 988F of the Act, the financial records of a financial services licensee must be kept in sufficient detail as to show or include, for all financial products other than basic deposit products:
 (a) the information mentioned in subregulation (1); and
 (b) if the financial services licensee is not a partner in a firm—separate particulars of each transaction by the financial services licensee with, or for the account of:
 (i) clients of the financial services licensee; or
 (ii) the financial services licensee's own account; or
 (iii) other financial services licensees; or
 (iv) representatives of the financial services licensee; or
 (v) employees of the financial services licensee; and
 (c) if the financial services licensee is a partner in a firm—separate particulars of each transaction by the financial services licensee with, or for the account of:
 (i) clients of