Advisers take note – ASIC announces new record keeping obligations

ASIC has announced an amendment to Class Order CO14/923 which imposes new obligations upon authorised representatives (Advisers) to not only maintain records but to provide access to those records to licensees.

ASIC has modified section 912G¹ of the Corporations Act by introducing new sections 912G(3)-(7), which includes a direct obligation on Advisers to keep records and give the records to the licensee if the licensee requests the records.

Obligations on Advisers

Under section 912(G)(4), Advisers have a statutory obligation to, not only maintain records for a period of 7 years, but to also provide access to those records to a licensee, regardless of whether the Adviser is an authorised representative of the licensee at the time of request.