New South Wales Consolidated Regulations

PROPERTY, STOCK AND BUSINESS AGENTS REGULATION 2003 - REG 24

24 Computer systems control

(1) If a licensee maintains records for the purposes of this Part by means of a computer system, the licensee must comply with this clause in relation to the records.

(2) The licensee must maintain a record, compiled in chronological sequence, of all changes (by creation, amendment or deletion) to any of the following information:

(a) principal’s name,

(b) principal’s address,

(c) principal’s code reference number, if any,

(d) agency description,

(e) trust account number,

disclosing the details of the information before and after the change.

(3) The licensee must ensure, in respect of any journal:

(a) that entries balance before entries are made in the ledger, and

(b) that any journal reference numbers are allocated in sequence under program control.

(4) The licensee must ensure in respect of any ledger that no program is capable of accepting the entry of a transaction resulting in a debit balance to an account unless a contemporaneous record of the transaction is made in such a manner as to enable the production in permanent legible form, on demand, of a separate chronological report of all such occurrences.

(5) The licensee must ensure in respect of any ledger that no program enables the deletion of an account unless:

(a) the balance of the account is zero, and

(b) the account when deleted is retained (as it was immediately before deletion) in visible form.

(6) The licensee must ensure that any entry in a record produced in visible form appears in chronological sequence.

(7) The licensee must ensure that a report, or each page of or entry in a report, is numbered sequentially under program control in a manner that enables the completeness of the records required to be kept by this Part to be conveniently verified.

(8) The licensee must ensure that no amendment to the particulars of a transaction already recorded can be made otherwise than by a separate transaction effecting the amendment.

(9) The licensee must ensure that each program requires input in each field of a data entry screen intended to receive information required by this Part to be included in records.

(10) The licensee must ensure:

(a) that a back-up copy of all records to which this clause refers is made on a computer disk or magnetic tape or by other electronic means not less frequently than once each month, and

(b) that the most recent back-up copy is kept in such a place at a separate location that any incident (such as fire, or a power or disk failure) that could adversely affect the records would not also affect the back-up copy.

Maximum penalty: 40 penalty units in the case of a corporation or 20 penalty units in any other case.