ASIC has registered ASIC Corporations (Record-Keeping Requirements for Australian Financial Services Licensees when Giving Personal Advice) Instrument 2024/508 which inserts a new section 912G in the Corporations Act.
Unless extended, the new section will be repealed at the start of 1 October 2029.
Under new section 912(G)(4) of the Corporations Act, authorised representatives have a statutory obligation to, not only maintain records for 7 years after the day on which the personal advice was provided to the client, but also to provide access to those records to a licensee, regardless of whether the authorised representative is an authorised representative of the licensee at the time of request.
These obligations continue after the authorised representative ceases to be authorised by a licensee.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
