Document ID: chunk:federal_register_of_legislation:F2023L01162:body:0:p9
Version: federal_register_of_legislation:F2023L01162
Segment Type: other
Provision Reference: 
Character Range: 19968–22594

(a) the current value of fund assets; and
                     Note: value of fund assets is defined below.
(b) the value of fund assets in the following circumstances:
(i) for a licensee in its first financial year—the average of:
(A) the value of fund assets at the end of each calendar month since the calculation date; and
(B) the forecast value of fund assets at the end of each calendar month for the remainder of the first financial year; and
(ii) for a licensee in its second financial year—the average of:
(A) the value of fund assets at the end of each calendar month since the calculation date; and
(B) the forecast value of fund assets at the end of each calendar month for the remainder of the second financial year; and

(iii) for all subsequent financial years of a licensee—the average of:

(A) the value of fund assets at the end of each calendar month since the beginning of the second preceding financial year; and

(B) the forecast value of fund assets at the end of each calendar month for the remainder of the current financial year.

calculation date means, in relation to a financial services licensee, the day on which the licensee is authorised to operate a registered scheme, IDPS or a retail CCIV.

cash or cash equivalents means, in relation to a financial services licensee:

(a) assets of the licensee that are cash on hand, demand deposits and money deposited with an Australian ADI that is available for immediate withdrawal; and

(b) assets of the licensee that are short-term, highly liquid investments that are readily convertible to known amounts of cash that are subject to an insignificant risk of changes in value; and

(c) the value of any eligible undertaking provided by an eligible provider that is an asset of the licensee; and

(d) an asset of the licensee that is a commitment by an eligible provider to provide cash upon request within 5 business days:

(i) which will not expire within the next 6 months and which cannot be withdrawn by the provider without giving at least 6 months written notice to the person to whom the commitment is made; and

(ii) in relation to which any cash provided is not repayable for at least 6 months.

clearing participant means a participant (as defined in section 761A in relation to a clearing and settlement facility) in the licensed CS facility operated by ASX Clear Pty Limited ACN 001 314 503 (ASX Clear) that is required to comply with, and complies with, the operating rules of ASX Clear that impose financial requirements, taking into account any waiver of those requirements by ASX Clear.

eligible custodian means:

(a) an Australian