Document ID: chunk:federal_register_of_legislation:F2022C00379:body:0:p3
Version: federal_register_of_legislation:F2022C00379
Segment Type: other
Provision Reference: 
Character Range: 5192–7916

Part 2.1 Record-keeping

2.1.1 Record-keeping requirements
(1) A financial services licensee must at all times keep accurate records of the amount of Reportable Client Money it has received from, on behalf of, or for the benefit of a person and is required under Division 2 of Part 7.8 of the Act to hold in a Client Money Account for that person.
(2) A financial services licensee must at all times keep accurate records of the total amount of Reportable Client Money it has received from, on behalf of, or for the benefit of all persons and is required under Division 2 of Part 7.8 of the Act to hold in a Client Money Account for those persons.
(3) A financial services licensee must retain records made under subrules (1) and (2) for at least 7 years from the date the record is made.

2.1.2 Requests from clients and ASIC
A financial services licensee must comply with a written request from:
(a)        a person for any record kept by the financial services licensee under subrule 2.1.1(1) for that person within 5 business days after the request or such longer period as may be agreed to in writing by that person; and
(b)       ASIC for any record kept by the financial services licensee under subrules 2.1.1(1) or 2.1.1(2) within 5 business days after the request or such longer period as may be agreed to in writing by ASIC.

Part 2.2 Reconciliation requirements

2.2.1 Daily reconciliation of client money
(1) A financial services licensee must perform an accurate reconciliation, as at the licensee's Nominated Reconciliation Time on each business day, of:
        (a)        the amount of Reportable Client Money held in a Client Money Account for each person; and
(b)       the amount recorded in the licensee's records for each person, as required by subrule 2.1.1(1).
(2) A financial services licensee must perform an accurate reconciliation, as at the licensee's Nominated Reconciliation Time on each business day, of:
(a)        the total amount of Reportable Client Money held in a Client Money Account for all persons; and
(b)       the amount recorded in the licensee's records for all persons, as required by subrule 2.1.1(2).
(3) The reconciliations required by this Rule must be completed by the licensee's Nominated Reconciliation Time on the third business day following the business day to which the reconciliation relates.
(4) A financial services licensee must retain a written record of the reconciliations required by this Rule for at least 7 years from the date the record is made.
(5) The written record required by subrule (4) must include the time, timezone and date at which the reconciliation to which the record relates was performed.

2.2.2 Monthly reconciliation of client money
(1) A