Commonwealth Consolidated Regulations

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Financial statements of financial services licensee: general

             (1)  For section 1444 of the Act, this regulation applies in relation to a financial services licensee who is not a regulated principal mentioned in any the following items of the table in section 1430 of the Act:

                     (a)  item 1;

                     (b)  item 3;

                     (c)  item 5;

                     (d)  item 7.

             (2)  Subdivision C of Division 6 of Part 7.8 of the Act applies in relation to the financial services licensee as if the first day of the first financial year in relation to the licensee, in its capacity as licensee, commenced on:

                     (a)  if the person prepares financial statements for the entire financial year in which the person became a financial services licensee--the first day of that financial year; or

                     (b)  if paragraph (a) does not apply--the day on which the person became a financial services licensee.

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