Section 988A — Corporations Act 2001: Obligation to keep financial records

(1) A financial services licensee must (subject to subsection (2)): (a) keep financial records that correctly record and explain the transactions and financial position of the financial services business carried on by the licensee; and (b) keep those records in accordance with the requirements of this Subdivision; and (c) comply with the requirements of this Subdivision in relation to conversion of records into the English language (see subsection 988C(2)). Note: Failure to comply with this subsection is an offence (see subsection 1311(1)). (2) The licensee does not contravene a requirement of this Subdivision merely because some or all of the records are kept as a part of, or in conjunction with, the records relating to any other business that is carried on by the licensee. Note: A defendant bears an evidential burden in relation to the matters in this subsection. See subsection 13.3(3) of the Criminal Code.