Document ID: chunk:federal_register_of_legislation:C2019A00050:clause:1_994f:p1
Version: federal_register_of_legislation:C2019A00050
Segment Type: clause
Provision Reference: sch 1 cl 994F (pt 1/3)
Character Range: 28656–31571

994F  Record keeping and notification obligations

Record keeping by persons who make, or are required to make, target market determinations
 (1) A person who makes, or who is required by this Part to make, a target market determination for a financial product must collect and keep complete and accurate records of:
 (a) the person's decisions in relation to the following:
 (i) all target market determinations for the product;
 (ii) review triggers for those target market determinations;
 (iii) review periods for those target market determinations;
 (iv) the requirements of subsections 994B(5) and (8) for those target market determinations; and
 (b) the reasons for those decisions.
Note 1: Failure to comply with this subsection is an offence (see subsection 1311(1)).
Note 2: This subsection is also a civil penalty provision (see section 1317E). For relief from liability to a civil penalty relating to this subsection, see section 1317S.
Note 3: There are further requirements about records in sections 1101C, 1101E and 1101F.

Record keeping by other regulated persons
 (2) Subsections (3) to (6) apply if:
 (a) a target market determination has been made for a financial product; and
 (b) the product is on offer for acquisition by issue, or for regulated sale, to retail clients; and
 (c) a regulated person engages in retail product distribution conduct in relation to the product.
 (3) The regulated person must collect and keep complete and accurate records of the following information (distribution information) in relation to the product:
 (a) the number of complaints in relation to the product that the regulated person receives;
 (b) the steps the regulated person has taken in relation to the product as required by section 994E (reasonable steps to ensure consistency with the target market determination);
 (c) if the regulated person is specified in the determination as required to report information of a specified kind to the person who made the determination (see subparagraph 994B(5)(h)(i))—information of that kind that the regulated person acquires;
  (d) if the regulated person is not the person that made the determination—the dates on which the regulated person reported as required by subsection (4), (5) or (6) and the substance of the reports.
Note 1: Failure to comply with this subsection is an offence (see subsection 1311(1)).
Note 2: This subsection is also a civil penalty provision (see section 1317E). For relief from liability to a civil penalty relating to this subsection, see section 1317S.
Note 3: There are further requirements about records in sections 1101C, 1101E and 1101F.

Reporting complaint information to persons who make target market determinations
 (4) If the regulated person engages in the retail product distribution conduct during a reporting period specified under paragraph 994B(5)(g) (which relates to complaints), the regulated person must,