Section 50
Duty of licensed financial adviser to provide Authority with returns, records and information
of Financial Advisers Act 2001
ActIn forceProvision 50 of 138
Section 50
(1)
A licensed financial adviser must —
(a)
provide such returns and records, relating to its business, to the Authority in such form and manner as may be prescribed or as may be notified in writing by the Authority; and
(b)
provide such information relating to its business as the Authority may require.
(2)
Any licensed financial adviser who contravenes this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction.[46