Document ID: chunk:federal_register_of_legislation:F2023L01163:body:0:p4
Version: federal_register_of_legislation:F2023L01163
Segment Type: other
Provision Reference: 
Character Range: 7773–10568

to comply with subsections (4) and (7) on the basis that subsection (5) applied) and 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 (3)(a); and
(iii) correctly calculated the projection in paragraph (3)(a) on the basis of the assumptions the licensee used for the projection; and
(b) 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 subsections (4) and (7) of this section (if applicable) 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) to have adequate risk management systems.
(ii) the licensee failed to comply with paragraph (3)(c); or
(iii) the licensee will not have access when needed to enough financial resources to meet its liabilities over the projected term of at least the next 12 months; or
(iv) the licensee will not hold at all times during the period to which the projection relates in cash or cash equivalents, an amount equal to or greater than the current amount the licensee is required to hold in cash or cash equivalents under subsection (7); or
(v) the assumptions the licensee adopted for its projection in paragraph (3)(a) were unreasonable; and
(c) if the licensee sought to comply with the NTA requirement in paragraph (4)(b) on the basis that it was an incidental provider, the auditor has no reason to believe that licensee did not satisfy the requirement in paragraph (b) of the definition of incidental provider in subsection (12).
(11) 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.
(12) In this section:
adequately secured means in relation to a financial services licensee:
(a) secured by an enforceable security interest over a financial product (other than a financial product issued by the licensee or its associates or issued by a retail CCIV operated by the licensee or its associates) if:
(i) the financial product is:
(A) regularly traded on:
                            (I) a financial market (as defined in subsection 767A(1) and disregarding subsection 767A(2)) operated by a market licensee or a financial services licensee; or
                            (II) an approved foreign market; or
(B) an interest in a registered scheme for which withdrawal prices are regularly quoted by the responsible entity of the scheme and the licensee