Document ID: chunk:federal_register_of_legislation:F2024C00757:front:0:p14
Version: federal_register_of_legislation:F2024C00757
Segment Type: other
Provision Reference: 
Character Range: 35496–38497

the following apply:
(A) the client has agreed to obtain information concerning transactions and holdings through the IDPS electronically instead of receiving a quarterly report;
(B) the licensee has no reason to doubt that the client can electronically access the information on a substantially continuous basis; or
                     (ii) all the following apply:
(A) the client has received reasonable notice that the client will be able to obtain information concerning transactions and holdings through the IDPS electronically instead of receiving a quarterly report;
(B) the licensee has no reason to doubt the client can electronically access the information on a substantially continuous basis;
(C) the licensee has provided the client with the ability to opt out of receiving the information by electronic access;
(D) the client has not opted out of receiving the information by electronic access.
              (28) If the licensee provides electronic access to information to clients during a quarter instead of a quarterly report complying with subsection (29):
                  (a) the information that was displayed at the quarter's end for the quarter that purports to be the information required under subsection (30) must remain readily accessible to the clients through the same facility by which electronic access was given to clients during the quarter until the end of the IDPS financial year after the IDPS financial year in which the quarter day falls; and
                  (b) the facility on which the information remains accessible must display to clients a statement to the effect that only information displayed at the quarter's end will be considered by the auditor in preparing its annual report relating to the information provided electronically.
              (29) The quarterly report must be a written report which contains the following information:
                  (a) all transactions carried out under a direction given by a client or on their behalf during the quarter;
                  (b) the quantity and value of assets held through the IDPS by the client and corresponding liabilities on the quarter day, the value of assets being determined as follows:
                     (i) for financial assets—net market value (being the amount which could be expected to be received from the disposal of the asset in an orderly market after deducting costs expected to be incurred in realising the proceeds of such a disposal); and
                     (ii) for all other assets—the value which would be shown in the books of the IDPS; and
                  (c) the revenue and expenses of the client in relation to the IDPS and assets held through the IDPS by the client during the quarter.
              (30) The following information must be accessible electronically if electronic access is provided instead of quarterly reports:
                  (a) all transactions which the client has conducted through the IDPS for a period of at least one year (or