Document ID: chunk:federal_register_of_legislation:F2023C00928:reg:8:p23
Version: federal_register_of_legislation:F2023C00928
Segment Type: reg
Provision Reference: reg 8 (pt 23/34)
Character Range: 72178–75080

to a time specified in the information that is no more than 48 hours (excluding hours on a day that is not a business day) before the time of access.
              (3) If, for the purposes of subsections (1) and (2), the licensee gives electronic access to information during a reporting period instead of giving a quarterly report:
                  (a) the information that was displayed at the quarter's end for the reporting period that purports to be the information required under subsection (1) must remain readily accessible to the client through the same facility by which electronic access was given during the reporting period until 1 July second occurring after the start of the reporting period; and
                  (b) the facility on which the information remains accessible must display to the person a statement to the effect that only information displayed at the quarter's end will be considered by the auditor in providing its annual report to clients receiving MDA services relating to the information provided electronically.
              (4) The licensee must also give the following documents to each person to whom it has provided MDA services as a retail client during each year ending 30 June within three months after the end of the year:
                  (a) a summary of the transactions that occurred as part of the MDA services provided to the person during the year including the nature and purpose of those transactions and if the person has been given quarterly reports under paragraph (2)(a) a statement that the person may request a copy of any quarterly report relating to the year; and
                  (b) a report of a registered company auditor that contains no statement that has or purports to have the effect of excluding or disclaiming liability to the client as a user of the report and states in relation to the provision of MDA services by the licensee:
                     (i) the auditor's opinion whether internal controls and other procedures of the licensee and any other relevant person acting on behalf of the licensee were suitably designed and operated effectively in all material respects to ensure that:
                         (A) summaries given under paragraph (a) for the year and quarterly reports for each quarter during the year that have been given under paragraph (2)(a); and
                         (B) information made accessible electronically under paragraph (2)(b) in respect of the year at each quarter's end in the year;
have not been materially misstated; and
                     (ii) the auditor's opinion whether the aggregate of assets, liabilities, revenue and expenses shown in the summaries provided under paragraph (a) by the licensee for the year have been properly reconciled in all material respects to the corresponding amounts shown in reports prepared by the holder of any client portfolio assets (or if