Document ID: chunk:federal_register_of_legislation:C2024C00572:section:22
Version: federal_register_of_legislation:C2024C00572
Segment Type: section
Provision Reference: s 22
Character Range: 73809–75220

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.

Part 3E—Reporting obligations of holders of reporting transfer certificates

Division 1—Reporting obligations