s 49 Accounts to be kept by licensed financial advisers
49.—(1) A licensed financial adviser must prepare, and lodge with the Authority, such statements of accounts and other statements and in such form and manner as may be prescribed. (2) A licensed financial adviser must —(a) keep, or cause to be kept, such books as will sufficiently explain the transactions and financial position of the financial adviser in Singapore and enable true and fair profit and loss accounts and balance sheets to be prepared from time to time; and (b) keep, or cause to be kept, such books, in such manner as will enable them to be conveniently and properly audited. (3) A licensed financial adviser must retain such books as may be required to be kept under this Act for such period as may be prescribed. (4) An entry in the books of a licensed financial adviser required to be kept in accordance with this Division is deemed to have been made by, or with the authority of, the licensed financial adviser. (5) Any licensed financial adviser who contravenes subsection (1) 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. (6) Any licensed financial adviser who contravenes subsection (2) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.[45