Corporations Regulations 2001
View history note
Hide history note[ CCH Note: Pursuant to the Corporations Amendment Regulations 2001 (No 4) (SR 2001 No 319) effective 11 March 2002, Chapter 7 (Securities) comprising reg 7.1.01 - 7.15.01 and Chapter 8 (The futures industry) comprising reg 8.1.01 - 8.7.03 are replaced by a new Chapter 7 (Financial services and markets) comprising reg 7.1.01 - 7.12.01. As the subject matter of the new Chapter 7 relates to the new financial services reform regime, " inserted " has been used in the history notes for each provision, and all references to the former provisions have been removed.]
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]
(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.
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