Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE  

Division 7 - Other rules about conduct  

REGULATION 7.8.19   RECORDS OF INSTRUCTIONS TO DEAL ON LICENSED MARKETS AND FOREIGN MARKETS  

7.8.19(1)   [ Application]  

For section 991D of the Act, this regulation applies in relation to:

(a) instructions received by a financial services licensee to deal in financial products, on behalf of a client, through licensed markets or through other financial markets (whether inside or outside Australia); and

(b) instructions received by a financial services licensee to deal in financial products, on the financial service [ sic ] licensee's own account, through licensed markets or through other financial markets (whether inside or outside Australia).

7.8.19(2)   [ Contents]  

The financial services licensee must keep records setting out brief particulars of the following matters:

(a) the instructions;

(b) if the instructions were received on behalf of a client - the client;

(c) the person who gave the instructions to the financial services licensee;

(d) the date and time of receipt of the instructions, and the person who received the instructions;

(e) the date and time of transmission of the instructions, and the person who transmitted the instructions;

(f) the date and time of execution of the instructions.

7.8.19(3)   [ Execution outside Australia]  

For subregulation (2), if:

(a) a financial services licensee transmits for execution on a financial market outside Australia and the external Territories instructions to deal in financial products; and

(b) it is not reasonably practicable for the financial services licensee to set out the date and time of execution of those instructions in its records;

the financial services licensee must set out the date and time as precisely as is reasonably practicable.

7.8.19(4)   [ Client's records to be kept separately]  

The financial services licensee must keep records relating to instructions given by a client to deal in financial products in a manner that makes the records identifiable separately from records relating to instructions to deal in financial products on the financial services licensee's own account.

7.8.19(5)   [ Records to be kept for five years]  

The financial services licensee must keep the records mentioned in subregulation (2) for at least 5 years after the particulars are created.