Document ID: chunk:federal_register_of_legislation:F2023C00928:reg:8:p22
Version: federal_register_of_legislation:F2023C00928
Segment Type: reg
Provision Reference: reg 8 (pt 22/34)
Character Range: 69356–72394

aggregated average value of the client portfolio assets of all people to whom it provided MDA services as retail clients during a 12 months period ending no more than one month previously or, if it has not been providing MDA services for 13 months, the amount that it reasonably estimates will be the aggregated average value of the client portfolio assets of all people whom it will provide MDA services to as retail clients during the first 12 months that it provides MDA services.

                  912AEE Compliance measures and audit
              The licensee must:
                  (a) have and maintain adequate documented measures to ensure compliance with the licensee's obligations relating to the provision of MDA services by it in accordance with this Act; and
                  (b) lodge with ASIC, together with its annual financial statements under section 989B, a statement from a registered company auditor as to whether:
                     (i) the licensee has complied with the documented measures during the financial year to which the financial statements relate; and
                     (ii) the documented measures complied with this section during the financial year.

                  912AEF Client reporting
              (1) The licensee must give to each person to whom it provides MDA services as a retail client the following information:
                  (a) particulars of all transactions effected as part of the MDA services provided to the person during each 3 month period (reporting period) ending on each quarter day;
                  (b) the particulars of, and a reasonable valuation of, each of the client portfolio assets of the person at the end of the reporting period;
                  (c) as at the beginning and the end of the reporting period, the total value of the client portfolio assets of the person and the total value of liabilities that the person has that were incurred in the operation of the MDA services;
                  (d) all revenue and expenses including fees and charges relating to the MDA services.
              (2) The licensee must give the information referred to in subsection (1) to the person by:
                  (a) giving electronically or otherwise quarterly reports for each reporting period within one month after the end of the period; or
                  (b) providing electronic access to the information on a substantially continuous basis if:

                     (i) the client has agreed to access that information electronically instead of being given quarterly reports; and
                     (ii) the licensee has no reason to doubt that the client can electronically access this information on a substantially continuous basis; and
                     (iii) the information covers a period of at least 12 months to a time specified in the information that is no more than 48 hours (excluding hours on a day that is not a business day) before the time of access.
              (3) If, for the purposes of subsections (1) and (2),