129. Accounting Records of Companies

(1) Every Company must keep Accounting Records that are sufficient to show and explain its transactions so as to:

1. (a) disclose with reasonable accuracy the financial position of the Company at any time; and
2. (b) enable the Directors to ensure that any accounts prepared by the Company under this Part comply with the requirements of these Regulations and the Rules.

(2) A Company must ensure that its Accounting Records are:

1. (a) kept at the place that the Directors consider appropriate, except so far as the Rules otherwise require; and
2. (b) preserved by the Company for at least 6 years after the day they are created or, if the Rules prescribe another period, the other period; and
3. (c) open to inspection by an Officer or Auditor of the Company at all reasonable times; and
4. (d) otherwise kept and maintained as required by the Rules.

(2-1) If a Company, for whatever reason, ceases to exist or ceases to be a Company within the meaning of these Regulations, the Directors immediately before the Company ceases to exist or ceases to be a Company shall ensure that its Accounting Records are preserved for at least 6 years from the date of cessation.

(3) If a Public Company keeps its Accounting Records outside of the AIFC, the Public Company must keep in the AIFC its returns in relation to the business it conducts in or from the AIFC.

(4) Contravention of this section is punishable by a fine.