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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

History

Ch 7 inserted by No 122 of 2001, s 3, Sch 1, Pt 1 [ 1] (effective 11 March 2002).

As Act No 122 of 2001 repealed Ch 7 and 8 the history notes for Ch 7 use " inserted " and references to the former provisions have been removed.

PART 7.5 - COMPENSATION REGIMES FOR FINANCIAL MARKETS    View history reference

Division 5 - Provisions common to both kinds of compensation arrangements    View history reference

SECTION 892H  ACCOUNTING AND REPORTING FOR REGULATED FUNDS  

 View history reference

892H(1)  [ Financial records]  


The relevant authority in relation to Part 7.5 arrangements must, in relation to each regulated fund established in connection with the arrangements, keep written financial records that:


(a) correctly record and explain the fund's transactions and financial position and performance; and


(b) would enable true and fair financial statements to be prepared and audited;

and must retain the financial records for 7 years after the transactions covered by the records are completed.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

History

S 892H(1) inserted by No 122 of 2001, s 3, Sch 1, Pt 1 [ 1] (effective 11 March 2002).

892H(2)  [ Financial statements]  


Within 2 months after the end of each financial year of the relevant authority, the authority must cause financial statements and notes to those financial statements (within the meaning of section 295 ) for the regulated fund to be made out as at the end of that financial year.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

History

S 892H(2) inserted by No 122 of 2001, s 3, Sch 1, Pt 1 [ 1] (effective 11 March 2002).

892H(3)  [ Auditor and audit]  

 View history reference

A registered company auditor, or authorised audit company, must be appointed to audit the accounts of the regulated fund in accordance with whichever of the following paragraphs applies:


(a) if there is only one relevant authority for the fund, that relevant authority must appoint a registered company auditor, or authorised audit company, to audit the fund's accounts;
 View history reference


(b) if there is more than one relevant authority for the fund:

(i) each of those relevant authorities must ensure that a registered company auditor, or authorised audit company, is appointed in accordance with subparagraph (ii) to audit the fund's accounts; and

(ii) the appointment is to be made by one or more of the relevant authorities, with the consent of such of the relevant authorities (if any) as do not make the appointment; and

(iii) a relevant authority must not purport to appoint a person to audit the fund's accounts unless each other relevant authority (if any) who has not also made the appointment has consented to the appointment.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

 View history reference

History

S 892H(3) amended by No 103 of 2004, s 3, Sch 1, Pt 3 [ 106-108] (effective 1 July 2004).

S 892H(3) inserted by No 122 of 2001, s 3, Sch 1, Pt 1 [ 1] (effective 11 March 2002).

892H(4)  [ Appointment of auditor by ASIC]  


If there is more than one relevant authority for a fund and they cannot agree on which auditor to appoint, ASIC may, on the written application of any of the authorities, appoint an auditor who consents to being so appointed.

History

S 892H(4) inserted by No 122 of 2001, s 3, Sch 1, Pt 1 [ 1] (effective 11 March 2002).

892H(5)  [ Responsibilities of auditor]  


The auditor must:


(a) audit the accounts of the regulated fund and the financial statements; and


(b) do the things required by sections 307 and 308 in relation to those documents, as if the audit were being done under Chapter 2M .

History

S 892H(5) inserted by No 122 of 2001, s 3, Sch 1, Pt 1 [ 1] (effective 11 March 2002).

892H(6)  [ Lodgment of financial report and audit report]  


The relevant authority for the regulated fund must, within 14 days after receiving the auditor's report, lodge with ASIC a copy of the report and a copy of the financial statements. If there is more than one relevant authority for the regulated fund, the copy must be given to ASIC by at least one of those authorities, or else they all contravene this subsection.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

History

S 892H(6) inserted by No 122 of 2001, s 3, Sch 1, Pt 1 [ 1] (effective 11 March 2002).

892H(7)  [ Copy to SEGC members]  


If the regulated fund is the NGF, the relevant authority (being the SEGC) must:


(a) give a copy of the audited financial statements to each member of the SEGC; and


(b) cause a copy of the audited financial statements to be laid before the annual general meeting of each member of the SEGC next following the making of that report.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

History

S 892H(7) inserted by No 122 of 2001, s 3, Sch 1, Pt 1 [ 1] (effective 11 March 2002).


 



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