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Financial Markets Conduct Act 2013

Governance of financial products - Registers and keeping copies of documents - Copies of documents to be retained

227: Copies of documents must be retained for 7 years

You could also call this:

"Keep important financial documents for at least 7 years"

Illustration for Financial Markets Conduct Act 2013

If you are in charge of a financial product, you must keep a copy of important documents for at least 7 years. You get these documents when you start working with the product. You must also follow rules about where you keep the copies, who can look at them, and how people can get their own copies for a small fee. You only have to keep documents that you or someone else gives to you, or that you make or provide to someone else. If you do not follow these rules, you can get in trouble and have to pay a fine of up to $50,000, which is considered an infringement offence, see subpart 5 of Part 8.

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"Some Financial Markets Conduct Act rules are more important than Companies Act rules"

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228: Part 4 governance provisions, or

"Rules for managing money and investments"

Part 4Governance of financial products
Registers and keeping copies of documents: Copies of documents to be retained

227Copies of documents must be retained for 7 years

  1. The issuer of a regulated product, the offeror under a regulated offer, or the manager of a registered scheme must, in respect of each document required by or for the purposes of this Act in respect of the regulated product, regulated offer, or registered scheme,—

  2. keep a copy of the document for a period of at least 7 years after the date on which the document comes into the possession of the issuer, offeror, or manager; and
    1. comply with the prescribed requirements relating to where the copy is kept, inspection of the copy, and making copies of the document available on payment of a reasonable printing and administration fee set by the issuer, offeror, or manager.

      1. Subsection (1) applies only if the document is given, made, or provided by or to the issuer, offeror, or manager.

      2. A person that contravenes this section commits an offence and is liable on conviction to a fine not exceeding $50,000.

      3. The offence in this section is an infringement offence (see subpart 5 of Part 8).