Document ID: chunk:federal_register_of_legislation:F2023C00928:reg:8:p26
Version: federal_register_of_legislation:F2023C00928
Segment Type: reg
Provision Reference: reg 8 (pt 26/34)
Character Range: 80330–83274

the licensee, the licensee reviews the report and notifies the client in writing of any error or omission in the report relating to any transaction, asset or liability, or the absence of any transaction, asset or liability, in the report that the licensee believes was effected or held in the relevant period; and
                  (e) if electronic access to information is made available to the licensee in accordance with subparagraph (b)(ii), as soon as reasonable practicable after each quarter day, the licensee reviews the information in relation to the reporting period ending on the quarter day and notifies the client in writing of any error or omission in the information relating to any transaction, asset or liability, or the absence of any transaction, asset or liability, in the information that the licensee believes was effected or held in that period.

                  912AEG Record keeping
The licensee must keep a copy of:
                  (a) each MDA contract it enters into for at least 7 years after it is terminated; and
                  (b) any Financial Services Guide given to a person under subsection 912AEA(1) together with records showing to whom and when the Financial Services Guide was given for at least 7 years after financial services were provided relying on the Financial Services Guide was given to the person; and
                  (c) any Statement of Advice given by the licensee to a person under Part 7.7 in relation to the personal advice given under subsection 912AEB(8) for at least 7 years after it was given; and
                  (d) a document given to a person under paragraph 912AEF(2)(a), subsection 912AEF(4) or paragraph 912AEF(6)(d) or (e) for at least 7 years after it was given.
                  912AF  Requirements for external MDA custodian
              Sections 912AFA to 912AFE apply to an external MDA custodian.

                  912AFA External MDA custodian to enter into a contract with each of the retail clients
              (1) The external MDA custodian must ensure that it has a written contract with each person to whom it provides custodial or depository services for MDA services as a retail client.
              (2) The external MDA custodian must ensure that the written contract referred to in subsection (1) includes provisions to the effect that the external MDA custodian will in providing custodial or depository services to the person:
                  (a) perform its obligations under the contract honestly and with the degree of care and diligence that a reasonably person would exercise if they were in the external MDA custodian's position; and
                  (b) not use information the external MDA custodian acquired through providing the services to gain an improper advantage for itself or any other person or to cause detriment to the client; and
                  (c) compensate the client for any loss because of any act or omission