Document ID: chunk:federal_register_of_legislation:F2023C00928:reg:8:p24
Version: federal_register_of_legislation:F2023C00928
Segment Type: reg
Provision Reference: reg 8 (pt 24/34)
Character Range: 74838–77779

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 the holder is the client, by the licensee) that have been audited by the auditor or another registered company auditor who is independent of the holder and the licensee; and
                     (iii) the auditor's statement as to whether or not the auditor has any reason to believe that:
                         (A) any summary under paragraph (a) for the year or any quarterly report under paragraph (2)(a) for a reporting period in the year; or
                         (B) any information accessible electronically under paragraph (2)(b) in respect of the year at each quarter's end in the year;
has been materially misstated; and
                  (c) if any of the client portfolio assets are held by an external MDA custodian or a person acting on behalf of an external MDA custodian, 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 custodial or depository services by each external MDA custodian or any person acting on its behalf that holds client portfolio assets that relate to MDA services of the licensee, the auditor's opinion as to whether internal controls and other procedures of the external MDA custodian and any other relevant person acting on behalf of the external MDA custodian were suitably designed and operated effectively in all material respects to enable the licensee to rely on information provided by the external MDA custodian to prepare:
                     (i) the summaries given under paragraph (a) for the year and the quarterly reports for quarters during the year that have been given under paragraph (2)(a); and
                     (ii) information that is made accessible electronically under paragraph (2)(b) in respect of the year at each quarter's end in the year,
without material misstatement; and
                  (d) either:
                     (i) a Statement of Advice of the licensee or an external MDA adviser which includes personal advice on whether the MDA contract for the person is suitable for the person's relevant personal circumstances; or
                     (ii) statements:
                         (A) that a Statement of Advice which includes advice on whether the MDA contract for the person is suitable for the person's relevant personal circumstances at a specified date from either the licensee or an external MDA adviser has been given to the person; and
                         (B) that a copy of the Statement of Advice is available from the licensee free of charge on request; and
                         (C) of the basis for the advice