Document ID: chunk:federal_register_of_legislation:F2023C00843:body:0:p3
Version: federal_register_of_legislation:F2023C00843
Segment Type: other
Provision Reference: 
Character Range: 5244–8103

other financial requirements in conditions on its licence; and
(ii) had at all times a projection that purports to, and appears on its face to, comply with paragraph (2)(a); and
(iii) correctly calculated the projection in paragraph (2)(a) on the basis of the assumptions the licensee used for the projection; and
(b) following an examination of the calculations, assumptions and description prepared under paragraph (2)(c) and relied on by the licensee in complying with paragraph (2)(a), the projections prepared under paragraph (2)(a) and the document prepared under paragraph (2)(e), the auditor has no reason to believe that:
(i) the licensee did not have adequate systems for managing the risk of having insufficient financial resources to comply with paragraph (2)(f) and other financial requirements in conditions on its licence; or
                     Note: Paragraph 912A(1)(h) requires a licensee (other than a body regulated by APRA that is not the responsible entity of a registered scheme) to have adequate risk management systems.
(ii) the licensee failed to comply with paragraph (2)(c); or
(iii) the licensee will not have access when needed to enough financial resources to meet its liabilities over the projected period of at least the next 12 months or, on or before 30 June 2020, 3 months; or
(iv) the licensee will not hold at all times during the period to which the projection relates in cash, an amount equal to or greater than the current amount the licensee is required to hold in cash under paragraph (2)(f); or
(v) the assumptions the licensee adopted for its projection in paragraph 2(a) were unreasonable.
              (4) The audit opinion must be lodged:
(a) for each financial year of the licensee—with the balance sheet that the licensee is required to lodge under section 989B; and
(b) for any period of time that ASIC directs—by no later than the date ASIC directs in writing the audit opinion to be lodged.
              (5) A licensee to whom subsection 912AC(5) (as notionally inserted by ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648) applies is taken to comply with section 912AC (as notionally inserted by ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648) while the licensee complies with this section.
              (6) In paragraph (2)(f) and subparagraphs (2)(e)(ii) and (3)(b)(iv), cash includes the following:
(a) current assets valued at the amount of money for which they can be expected to be exchanged within 5 business days;
(b) a commitment to provide money from an Australian ADI or an entity approved by ASIC in writing for the purpose of this paragraph that can be drawn down within 5 business days and when paid is not repayable for at least a month;
              held by the