Document ID: chunk:federal_register_of_legislation:F2023C00831:reg:5:p8
Version: federal_register_of_legislation:F2023C00831
Segment Type: reg
Provision Reference: reg 5 (pt 8/11)
Character Range: 18605–21249

licensee within the meaning of section 761A; or
(e) an entity approved by ASIC in writing for the purpose of this paragraph.
eligible undertaking means in relation to a financial services licensee:
(a) an enforceable and unqualified undertaking by an eligible provider, expressed to be irrevocable without the written consent of ASIC, to pay, on written demand by the licensee, a certain amount (disregarding any part previously paid or any amount that would be repayable as a liability by the licensee if money were paid); or
(b) an undertaking approved in writing by ASIC as an eligible undertaking.
excluded assets means in relation to a financial services licensee:
(a) intangible assets (including, for the avoidance of doubt, a deferred tax asset); and
(b) receivables from, or assets invested in, any person who:
(i) is an associate of the licensee; or
(ii) was an associate of the licensee at the time the liability was incurred or the investment was made; or
(iii) became liable to the licensee in connection with the acquisition of interests in a managed investment scheme operated by the licensee; and
(c) any of the following:
(i) assets held as a beneficial interest or an interest in a managed investment scheme;
(ii) assets invested in a superannuation product in respect of which the licensee or an associate may exercise any form of power or control;
(iii) shares the licensee holds in a CCIV; and
(d) receivables from a trustee of a trust in respect of which the licensee or an associate may exercise any form of power or control;
       but, despite anything in the paragraphs above, does not include the following:
(e) a receivable mentioned in paragraph (b) or (d):
(i) to the extent that it is adequately secured; or
(ii) to which all of the following apply:
(A) it is receivable as a result of a transaction entered into by the licensee in the ordinary course of its business on its standard commercial terms applicable to persons that are not associated with the licensee on an arm's length basis;
(B) no part of the consideration in relation to the transaction is, in substance, directly or indirectly invested in the licensee;
(C) the total value of the receivable (before any discount is applied) is not more than 20% of the assets less liabilities of the licensee; or
(iii) to which all of the following apply:
(A) it is receivable from an insurance company that is a body regulated by APRA and results from a transaction entered into by the licensee in the ordinary course of its business on its standard commercial terms applicable to persons that are not associated with the licensee on an arm's length basis;
(B)