Document ID: chunk:federal_register_of_legislation:F2023C00831:reg:5:p4
Version: federal_register_of_legislation:F2023C00831
Segment Type: reg
Provision Reference: reg 5 (pt 4/11)
Character Range: 8650–11435

and description prepared under paragraph (3)(c) and relied on by the licensee in complying with paragraph (3)(a), the auditor has no reason to believe that:
(i) the licensee did not satisfy paragraph 912A(1)(h) for managing the risk of having insufficient financial resources to comply with subsections (4) and (5) of this section and other financial requirements in conditions on its licence; or
(ii) the licensee failed to comply with paragraphs (3)(b), (c) or (d); or
(iii) the assumptions the licensee adopted for its projection in paragraph (3)(a) were inappropriate.
(12) The audit opinion must be lodged by no later than:
(a) for each financial year of the licensee—the day the licensee is required to lodge a balance sheet under section 989B; and
(b) for any period of time that ASIC directs—the date ASIC directs the audit opinion to be lodged.
(13) 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 other than the licensee or its associates that, in the reasonable opinion of the licensee, produces sufficiently reliable prices to assess the value of the security provided by the security interest; 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 believes on reasonable grounds that withdrawal may be effected within 5 business days; or
(C) shares in a retail CCIV for which redemption prices are regularly quoted by the retail CCIV and the licensee believes on reasonable grounds that redemption may be effected within 5 business days; and
(ii) the market value of the financial product is:
(A) if the financial product is a debt instrument—at least 109% of the amount owing; or
(B) otherwise—at least 120% of the amount owing; or
(b) secured by a registered first mortgage over real estate that has a fair market valuation of at least 120% of the amount owing; or
(c) owing from an eligible provider; or
(d) secured by an enforceable security interest over amounts owing to another financial services licensee which themselves are adequately secured.
adjusted assets means, in relation to a financial services licensee, the value of total assets as they would appear on a balance sheet at the time of calculation made up for