Document ID: chunk:federal_register_of_legislation:C2024A00110:clause:1_116
Version: federal_register_of_legislation:C2024A00110
Segment Type: clause
Provision Reference: sch 1 cl 116
Character Range: 50654–51425

116  Retention of records relating to Part 1A
 (1) A reporting entity must keep records that:
 (a) are reasonably necessary to demonstrate compliance with the reporting entity's obligations under Part 1A; and
 (b) are in the English language, or in a form in which the records are readily accessible and readily convertible into writing in the English language.
 (2) Subsection (1) is a civil penalty provision.
 (3) A person who is or was a reporting entity must retain the records referred to in subsection (1) throughout the period:
 (a) beginning at the time the record was made; and
 (b) ending 7 years after the record is no longer relevant to the reporting entity's compliance with its obligations under Part 1A.
 (4) Subsection (3) is a civil penalty provision.