Minimum Financial Requirements. Minimum Financial Requirements. Effective 1 October 2014

Size: px
Start display at page:

Download "Minimum Financial Requirements. Minimum Financial Requirements. Effective 1 October 2014"

Transcription

1 Minimum Financial Requirements Effective MFRv

2 Contents 1. Financial Requirements Financial Requirements Objectives Application of this policy Applicants and Licensees must comply with this policy Information provided by an Applicant or Licensee Parts 2-7 not applicable in certain circumstances Forms Net Tangible Assets Financial Requirement - Net Tangible Assets Demonstrating Sufficient Net Tangible Assets Decreases in Net Tangible Assets Negative Net Tangible Assets Asset Valuations Related Entity Loans and Investments Assets Deed Of Covenant And Assurance Maximum Revenue Financial Requirement Maximum Revenue Calculating Maximum Revenue Exceeding Maximum Revenue Current Ratio Financial Requirement Current Ratio Calculating the Current Ratio Determining Current Assets and Current Liabilities based on Licensee Structure Current Ratio for declaration categories (SC1 & SC2) Financial Monitoring Financial Requirement Financial Monitoring Provision of Internal Management Accounts to the Commission Accepted Independent Accountants Qualifications for Accepted Independent Accountants Another Responsible Person Notice to Accepted Independent Accountants for Minimum Financial Requirements Reports Page

3 6.4 Warning to Accepted Independent Accountants Reporting Requirements for Accepted Independent Accountants Determining Collectability of Related Entity Loans or Investment Assets Implied Warranty by Accepted Independent Accountant Submission of Financial Information to the Commission Applicants for a Licence Existing Licensees Applying for a New Licence Self-Certification Categories (SC1 & SC2) Financial information for Categories Applicants and Licensees subject to ASIC Audit Requirements Applicant and Licensees not previously audited who become subject to ASIC Audit Requirements Applicants and Licensees in Categories 3-7 Not Required by ASIC to be Audited Overseas Companies in Categories Compliance Audit Restructure of Licensee Assessment of Financial Information by the Commission Assessment of financial information Failure to meet minimum financial requirements Payment of Debts Financial requirement payment of debts Financial requirement does not apply in certain circumstances Documents and evidence to be provided to the Commission Professional Indemnity Insurance Financial Requirement - Professional Indemnity Insurance Sprinkler and suppression systems (reticulated water based) Certify Terms and Conditions of Insurance Policy Insurance requirements for Fire detection, alarm and warning systems Certify licence Evidence of Cover Implied warranty by insurance companies and insurance brokers Circumstances when insurance is not required Commission may impose licence conditions Incorrect Information Confidentiality Transitional Provisions Page

4 13.1 Repeal of financial requirements policies existing prior to Transitional provisions Continuing classes of fire protection licence Definitions Tables Table 1 - Possible Assurers Deeds of Covenant and Assurance 10 Table 2 - Ratio Structure 13 Table 3 - Accepted Independent Accountant Categories 15 Table 4 - Licence Classes Requiring Professional Indemnity Insurance 23 Table A - Minimum Financial Requirements 44 Attachments Attachment 1 - MFR Report 32 Attachment 2 - Declaration Maximum Revenue up to $200, Attachment 3 - Declaration Maximum Revenue up to $600, Attachment 4 - Declaration Professional Indemnity Insurance 37 Attachment 5 - Statement of Financial Position Covenantors 39 Attachment 6 - Review Control Sheet 40 3 P age

5 1. Financial Requirements 1.1 Financial Requirements The Queensland Building and Construction Board Policy which constitutes the financial requirements for the Queensland Building and Construction Commission Act 1991 ( Act ) consists of: Maximum Revenue; Net Tangible Assets; Current Ratio; Payment of Debts; Financial Monitoring; and Professional indemnity insurance. 1.2 Objectives This policy is made by the Queensland Building and Construction Board and states the minimum financial requirements for licensing under the Queensland Building and Construction Commission Act The objectives of the minimum financial requirements in this policy are to promote financially viable businesses and foster professional business practices in the Queensland building industry. To achieve these objectives and minimise the incidence of financial failure in the building industry, this policy requires all Applicants and Licensees to comply with the minimum financial requirements. 1.3 Application of this policy This policy applies to all applicants for, and holders of, a licence under the Queensland Building and Construction Commission Act 1991 (the Act) except applicants for, or holders of, a nominee supervisor s licence, site supervisor s licence or any occupational licence. All relevant current Australian Accounting Standards must be applied to the financial information of the Licensee. The Minimum Financial Requirements are additional requirements that are to be applied after all relevant Australian Accounting Standards have been applied. Where the policy mentions Australian Accounting Standards its meaning is to be taken as a reference to the standard currently in force. 1.4 Applicants and Licensees must comply with this policy Under the Act, the Commission cannot lawfully issue a licence to an Applicant unless it is satisfied that the Applicant satisfies the minimum financial requirements stated in this policy, as well as other requirements stated in the Act. It is also a statutory condition of holding a licence that the Licensee s financial circumstances must at all times continue to satisfy the relevant minimum financial requirements stated in this policy. If a Licensee breaches a condition on their licence, their licence may be suspended or cancelled under section 48 of the Act. 1.5 Information provided by an Applicant or Licensee To allow the Commission to make a determination as to the Applicant or Licensee s compliance with this policy, the Applicant or Licensee is required to provide the specified financial report and other 4 P age

6 relevant evidence to support their application for a licence, or for an increase in their Maximum Revenue. If the Commission has concerns about the adequacy or accuracy of the information provided, the Commission may require further information. The Act allows the Commission to request the further information from the Applicant, Licensee or the Accepted Independent Accountant who provided information on behalf of the Applicant or Licensee. Under the Act, an Applicant or Licensee may also be requested by the Commission to provide further information or evidence that the Commission requires to determine whether the Applicant is, or the Licensee continues to be, eligible to hold the licence. This may include information or evidence about their continued compliance with the financial requirements in this policy. If an Applicant or a Licensee fails to comply with a notice requesting this information, their licence may be refused, suspended or cancelled. A person who provides false or misleading documents or information to the Commission about an Applicant or Licensee s compliance with this policy may be liable for prosecution for an offence under the Act. 1.6 Parts 2-7 not applicable in certain circumstances All Parts in this policy apply to an Applicant or Licensee unless expressly excluded under this section or another provision of this policy. Applicants or Licensees who may rely on an exemption from Parts 2-7 of this policy will need to provide the following information at the time of application and or any other time as required by the Commission: a) A certificate of currency for professional indemnity insurance which complies with this document, for the class of licence; and b) An Estimated Maximum Revenue Declaration based on the Applicant or Licensee s Maximum Revenue, as defined in this document, for the financial year Special Purpose Vehicles Parts 2-8 of this policy do not apply to an Applicant or Licensee applying for, or holding, a licence if the Applicant or Licensee is a special purpose vehicle. For the purposes of this policy a special purpose vehicle is an entity established for the sole purpose of carrying out building work under a public private partnership arrangement. To remove doubt, the exemption in this section does not apply to an Applicant or Licensee who intends to carry out, or carries out, both building work under a public private partnership arrangement and other building work independent of the arrangement. In these circumstances, the Applicant or Licensee must comply with all Parts of this policy, including Parts Builder Project Management Services Licence This section applies to an Applicant for, or a Licensee holding, a licence in the class of Builder Project Management Services. An Applicant or Licensee to which this section applies is not required to comply with Parts 2-7 of this policy if all of the following apply: 5 P age

7 a) the Applicant or Licensee holds professional indemnity insurance for the services specified in the scope of work for the licence; and b) the policy terms and conditions for the professional indemnity insurance referred to in paragraph (i) provide for a minimum limit of indemnity for any one claim and the sum of all claims during any one period of insurance of not less than $1,000,000; and (ii) are otherwise equivalent to those stated in section 10.2(1) to (7) of this policy. (iii) The Applicant or Licensee is not applying for, and does not hold, a licence in another class which requires the Applicant or Licensee to comply with Parts 2-7 of this policy Part 10 Licences This section applies to an Applicant for, or a Licensee holding, a licence in one or more of the following licence classes: (a) (b) (c) (d) (e) (f) (g) Building design low rise; Building design medium rise; Building design - open; Hydraulic services design; Hydraulic services design excluding design of on-site domestic waste water management; Site classifier; Site classifier excluding on-site domestic waste management. An Applicant or Licensee is not required to comply with Parts 2-7 of this policy if all of the following apply: a) The Applicant or Licensee has complied with the requirements specified in Section 10 of this policy without relying upon section 10.6 to satisfy the insurance requirements in that Part; and b) The Applicant or Licensee is not applying for, and does not hold a licence in another class which requires the Applicant to comply with Parts 2-7 of this policy. 1.7 Forms The forms required to be submitted to the Commission in order to demonstrate an Applicant or Licensee s compliance with this policy are attached to this document and may be reissued by the Commission from time to time. These forms can be downloaded for appropriate use from the Commission s website at Forms submitted with alterations, other than the completion of the spaces provided, may be refused by the Commission. If the requirements of this policy are not applied as prescribed the information submitted in the forms will not be accepted by the Commission. In the case of an Applicant for a licence, the application will be deferred until such time as the correct information is provided or the application is rejected. In the case of a Licensee, the licence may be suspended or cancelled if the requirements are not met. 6 P age

8 2. Net Tangible Assets Definitions for Section 2: In this section: Assets means assets owned both legally and beneficially by the entity (that is, it does not include assets which are held on trust for another person or corporation) and includes but is not limited to the following: (a) Cash; (b) Construction Contract Work in Progress; (c) Debtors (if collectible); (d) Inventory; (e) Investments (if collectible); (f) Investments valued using equity accounting methodology only where included in general purpose financial statements; (g) Motor vehicles; (h) Plant and equipment at written down value; (i) Real estate; (j) Related entity loans and investments (only if assessed as collectible); (k) Shares in publicly listed companies; (l) Tools of trade. Assets do not include the following: (a) Intangible assets; (b) Assets not assessed as collectible; (c) Boats, ships, jet skis, planes, helicopters, race horses and racing cars; (d) Collectors items (e.g. paintings, stamps, coins); (e) Contingent assets; (f) Furniture (personal); (g) Investments or shares in companies that are not publicly listed companies; (h) Investments valued using equity accounting methodology where included in special purpose financial statements; (i) Trade or barter dollars and any equivalent scheme; (j) Trust assets; and (k) Units in trusts that are not publicly listed; (l) Unvested superannuation benefits; (m) Life or income protection insurance policy benefits. For clarity and calculation purposes, excluded assets at (b) to (m) above are Disallowed Assets. Liabilities means all debts or obligations which are owed by an Applicant, or Licensee, which are payable on demand, legally enforceable or a statutory requirement. Liabilities include all amounts owed by the Licensee to any related entities, and any deficiency in trusts for which the Licensee is Trustee. Where a Licensee has received notification of a breach of banking or loan covenants the full amount of the loan or finance facility is classified as a current liability until such time as the lender has waived their rights in relation to the breach. 7 P age

9 Net Tangible Assets is calculated using the following formula: NTA = Assets - Liabilities - Intangible Assets Disallowed Assets 2.1 Financial Requirement - Net Tangible Assets It is a financial requirement that Applicants and Licensees must have sufficient Net Tangible Assets (NTA) in their own right sufficient for the higher of the level of Maximum Revenue or the actual Revenue being generated as stated in Table A. The Net Tangible Assets of an Applicant or Licensee must be at least $ Demonstrating Sufficient Net Tangible Assets NTA may be evidenced, either through a Declaration completed by the Applicant or Licensee, or a Minimum Financial Requirements Report completed by the Accepted Independent Accountant depending on the entity s level of Revenue. In determining the entity s NTA position, the person completing the Declaration or Report must consider the entity s entire financial position, including related entities and those entities providing Deeds of Covenant and Assurance in order for the entity to meet the minimum financial requirements. Only the estimated net realisable amount of the entity s assets should be brought to account. All liabilities, intangible assets and disallowed assets of the entity must be deducted in calculating NTA in accordance with this policy. 2.3 Decreases in Net Tangible Assets All licences are subject to a condition that the Licensee s NTA position is not to decrease by more than 30% from its last financial year end position unless the Licensee provides a new Declaration or Report within 30 days of the decrease occurring. The Declaration or Report must substantiate the Licensee s adjusted NTA position. This includes a decrease in the Net Real Unencumbered Assets which have been assured to the Licensee by Deed of Covenant and Assurance. In the event a Licensee has a decrease in NTA by more than 30% from its last financial year end position, and does not provide the relevant financial information within 30 days of the decrease occurring, the Licensee will have breached a condition of licence. This may result in the suspension or cancellation of the licence. Licensees may also be subject to disciplinary proceedings pursuant to the Act. 2.4 Negative Net Tangible Assets Licensees and Applicants must have an NTA position in their own right of not less than $0. Entities which have a negative (deficit) NTA position do not meet the Minimum Financial Requirements and are not permitted to rely upon a Deed of Covenant and Assurance to cover the deficiency. 2.5 Asset Valuations Licensees and Applicants are permitted to value assets that are to be relied upon in support of Net Tangible Assets, provided those values can be substantiated and the revalued assets are non-current assets. Any assets valued at sale price may not be included as current assets. Where required by the Commission, such valuations are to be substantiated by way of a valuation by an accredited, registered or recognised valuer. 8 P age

10 2.6 Related Entity Loans and Investments Assets Related Entity Loans and Investments recorded as an asset in the entity s accounts must not be included or relied upon in determining the entity s NTA, unless the Appropriately Qualified Independent Person preparing the Minimum Financial Requirements Report has independently verified that the related entity loan or investment asset is collectible. It is not sufficient for the Accepted Independent Accountant to accept the Directors advice without performing reasonable checks or tests. The Accepted Independent Accountant preparing the Report is required to specify in the Report that they have independently verified the collectability of the Related Entity Loan or Investment asset. When required by the Commission, the Accepted Independent Accountant must provide evidence of the verification of collectability of the Related Entity Loan or Investment asset. 2.7 Deed Of Covenant And Assurance Where an eligible Licensee or Applicant does not have sufficient NTA in its own right for the level of Maximum Revenue required or the actual Revenue being generated it may, dependent on the entity s structure, rely upon a Deed of Covenant and Assurance based on the Net Real Unencumbered Assets from an eligible entity as stated in this policy, in order to meet the NTA requirement. The Covenantor must have and continuously maintain sufficient Net Real Unencumbered Assets in their own right to meet the value of the Defined Amount stated in the Minimum Financial Requirements Report. The Net Real Unencumbered Assets of the Covenantor may not include any Related Entity Loans or Investments owed to the Covenantor by the Licensee. All liability amounts owing by the Covenantor to the Applicant or Licensee must be brought to account. Assets held in trust (by any entity) cannot be assured to the Applicant or Licensee by way of Deed of Covenant and Assurance. Licensees and Applicants providing a Declaration must have sufficient assets in their own right, and cannot rely on a Deed of Covenant and Assurance in order to meet the NTA requirements for SC1 or SC2. Entities relying upon a Deed of Covenant and Assurance must provide a Minimum Financial Requirements Report, and must meet Category 1 requirements in accordance with Table A, at a minimum. The original Deed of Covenant and Assurance is required to be submitted to the Commission together with the Minimum Financial Requirements Report and is retained by the Commission unless a Liquidator or Trustee in bankruptcy is appointed to the Licensee, in which case the original will be provided to the Liquidator or Trustee in bankruptcy. The Accepted Independent Accountant completing a Minimum Financial Requirements Report which relies on a Deed of Covenant and Assurance will be required to: a) state in the Report the full name and the relationship of each Covenantor to the Applicant or Licensee, b) state within the Report the defined amount that is secured by the Deed, or if more than one - each Deed; and c) provide a Statement of Financial Position (Attachment 5) and any other appropriate documentation detailing each Covenantor s financial position at the time the Report was signed, and be based on accounts no earlier than the year end date on which the Report has been based. 9 P age

11 The Covenantor s Statement of Financial Position is required to be completed by the same Accepted Independent Accountant completing the Report signifying all reasonable checks have been made with regard to each Covenantor s entire financial position, to ensure the existence, collectability and unencumbered value of assets being assured to the entity. A Licensee who no longer wishes to rely on amounts assured by way of a Deed of Covenant and Assurance is required to provide an updated Minimum Financial Requirements Report demonstrating sufficient Net Tangible Assets held in their own right. Covenantors who have assured assets by way of a Deed of Covenant and Assurance to a Licensee who become insolvent may be called upon by a Liquidator or Trustee in bankruptcy to pay the defined amount relied upon by the Licensee at the time any outstanding debts were incurred by the Licensee, regardless of whether the Licensee relied on a Deed of Covenant and Assurance to meet the requirements of this policy at the time of appointment of the Liquidator or Trustee in bankruptcy. Table 1 Possible Assurers Applicant or Licensee Structure Possible Assurers Individual Sole Trader None available Company Trading as a stand-alone Company Company Trading as part of a group of companies Individual or Company trading in a Partnership Directors of the Licensee company Associated company Directors of the Licensee company Associated company Other companies in the group Other partners within the Partnership Directors of the Company (for Company licensees) Associated Company (for Company licensees) Beneficiaries of the trust administered by the Licensee as Trustee* Individual or Company acting as Trustee Directors of the Company (for Company licensees) Associated Company (for Company licensees) * limited to only those direct Beneficiaries which are not subject to or under a legal disability, and have sufficient assets in their own right to assure to the Applicant or Licensee. 3. Maximum Revenue Definitions for Section 3: In this section: Maximum Revenue means the maximum Revenue from all sources a licensed entity may earn in each financial year. The Maximum Revenue issued to a Licensee applies to the licensed entity in combination with all trusts or partnerships through which it is trading. In the case of a company trading as part of a group of companies under ASIC class order 98/1418, the Maximum Revenue applies to the entity as it has reported to the Commission under this policy: either the consolidated group; closed group or the company on a stand-alone basis. Revenue means the total income received by the Applicant or Licensee, derived from all sources. Further: 10 P age

12 For Applicants or Licensees engaged directly in project or construction management (where project costs are paid directly by the Principal to parties lower in the contractual chain), or who have a building design licence, the revenue in respect of those activities is calculated on the total amount received by the Licensee rather than the value of projects. Alternatively, the component of the work processed via the Applicant or Licensee is deemed Revenue. In the case of a partnership, the Revenue is to be the revenue of the Applicant or Licensee and the partnership/s in combination. In the case of a trustee, the Revenue is to be the revenue of the Applicant or Licensee and the trust/s in combination. Includes the reference to turnover in section 35 of the Act. Revenue excludes: a) Salary and/or wages received as an employee; and b) GST collected as an agent, from which the Applicant or Licensee obtains no benefit. 3.1 Financial Requirement Maximum Revenue It is a financial requirement that a Licensee must not exceed their Maximum Revenue by more than 10% in each financial year. 3.2 Calculating Maximum Revenue A Licensee s Maximum Revenue is calculated based on the Net Tangible Asset (NTA) position of the Applicant or Licensee as stated in the Declaration or Minimum Financial Requirements Report by applying the formula stated in Table A. Amounts being assured by way of one or more Deeds of Covenant and Assurance may be added to the NTA of the Licensee when calculating Maximum Revenue. The Commission will advise an Applicant or Licensee of the Maximum Revenue it may generate per Financial Year upon granting the licence and upon acceptance of updated Declarations or Reports. The Maximum Revenue applies for all financial years until such time as it is updated by the provision of a new Declaration or Report and the Commission has notified the Licensee of the new Maximum Revenue. 3.3 Exceeding Maximum Revenue Pursuant to section 35 of the Act, it is a condition that Licensees must not exceed their Maximum Revenue by more than 10% in a financial year without first providing a new Declaration or Report to the Commission substantiating sufficient NTA to support a higher level of Maximum Revenue. Licensees who exceed their Maximum Revenue by more than 10% and do not report to the Commission as required do not meet the Minimum Financial Requirements and may be subject to licence suspension or cancellation or disciplinary action and a penalty. 4. Current Ratio Definitions for Section 4: In this section: 11 P age

13 Current Assets means assets: a) which are realised, sold or consumed in the normal operating cycle of the business; b) which are realised within twelve months after the reporting period; c) which are held primarily for the purpose of trading (refer AASB 139); d) the assets is cash or a cash equivalent (as defined in AASB 107) unless the asset is restricted from being exchanged or used to settle a liability. Related entity loans and/or investments included as current assets must be collectible and convertible into cash as at balance date. Real property listed as a current asset is to be shown at the lower of cost or net realisable value. Trade debtors that are a current asset and not contingent are only included to the extent they are collectible and as a minimum requirement overdue debtors must be written off as follows: a) Trade debtors at or over 180 days old from invoice date, to be 50% written off; and b) Trade debtors at or over 365 days old from invoice date, to be 100% written off. Current Assets do not include: a) Any related entity loans or investments assets which are not collectible; b) Contingent assets c) Intangible assets; d) Real property not currently listed on the market for sale; e) Disallowed assets. Current Liabilities means liabilities: a) which are expected to settle in the normal operating cycle of the business; b) which are due to be settled within twelve months after the reporting period; c) which are held primarily for the purpose of trading; d) the entity does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. Current liabilities include: a) the amount of any non-current liabilities which must be paid by the Applicant or Licensee in the 12 months following the reporting period; and b) all related entity loans payable by the Applicant or Licensee in the 12 months following the end of the reporting period. c) The full amount of all bank loans or finance facilities where the lender or syndicate of lenders has notified the Applicant or Licensee of a breach of bank or lending covenants. Current Ratio means the ratio calculated by using the following formula: Current Assets Current Liabilities To meet the requirements an Applicant or Licensee s current ratio must be at least 1:1. 12 P age

14 4.1 Financial Requirement Current Ratio It is a financial requirement that Applicants and Licensees must meet the Current Ratio requirement at time of Application, and at all times whilst the licence is held. 4.2 Calculating the Current Ratio The Current Ratio is calculated in accordance with the defined formula. Current assets included in the calculation of the Current Ratio must be in accordance with the definition of current assets in this policy. The Commission may require the Applicant, Licensee or Accepted Independent Accountant to provide evidence of the classification of an asset as a current asset. Where such evidence is not provided the Commission may automatically reclassify such assets as non-current assets without further notice to the Applicant or Licensee. All current liabilities of an Applicant or Licensee must be included in the calculation of the Current Ratio, including any loans to related entities payable by the Applicant or Licensee in the 12 months following the end of the reporting period. Amounts assured by way of a Deed of Covenant and Assurance must not be included in calculating the Current Ratio. The Current Ratio is required to be expressed as a ratio and may not be rounded up. 4.3 Determining Current Assets and Current Liabilities based on Licensee Structure Depending on the structure of the Applicant or Licensee, the Current Ratio may only be met from current assets and current liabilities, as follows: Table 2 Ratio Structure Structure of Applicant or Licensee: Individual Sole Trader Company trading as stand-alone company Company - trading as part of a group of companies under ASIC Class Order 98/1418 or similar Individual or Company trading in partnership Individual or Company - acting as trustee Current Assets and Liabilities of: Individual Only Company Only Stand alone, closed group or consolidated group, as per reporting to the Commission Individual or Company in combination with partnership/s Individual or Company in combination with trust/s 4.4 Current Ratio for declaration categories (SC1 & SC2) Licensees and Applicants in categories SC1 and SC2 are not required to state their Current Ratio on their Declaration. The Commission may at any time require an Applicant or Licensee in categories SC1 and SC2 to provide a MFR Report demonstrating compliance with the minimum Current Ratio requirement. 13 P age

15 5. Financial Monitoring Definitions for Section 5: In this section: Internal Management Accounts means reports prepared by the Licensee showing the financial position and performance of the Licensee s business. Internal Management Accounts include at a minimum: a) Statement of Financial Performance (also known as a Trading and Profit and Loss Statement); b) Statement of Financial Position (also known as a Balance Sheet); c) Aged listings of trade debtors and creditors; and d) Statement of Cash Flows. 5.1 Financial Requirement Financial Monitoring It is a financial requirement that a Licensee must prepare and maintain internal management accounts at quarterly intervals in each financial year at a minimum. 5.2 Provision of Internal Management Accounts to the Commission Licensees are required to submit their internal management accounts if required by the Commission. The Commission may notify any Licensee of the requirement to provide their internal management accounts after the end of a quarter. The Commission will notify the Licensee of the timeframe to provide the information. Failure to provide the required information may result in the Commission determining the Licensee fails to meet the Minimum Financial Requirements. 6. Accepted Independent Accountants Definitions for Section 6: In this section: Accepted Independent Accountant means a person with the qualifications specified in this policy who is permitted to complete Minimum Financial Requirements Reports regarding the financial position of an Applicant or Licensee. An Accepted Independent Accountant must be independent of the Applicant or Licensee and must not be: a) A director, secretary or employee of the Applicant or Licensee or their related entities; or b) A spouse of the Applicant or Licensee; or c) A business partner of the Applicant or Licensee or their related entities; or d) An investor or shareholder of the Applicant or Licensee or their related entities. An Accepted Independent Accountant does not include a person who: a) Has been convicted of, or plead guilty to, providing false or misleading information to the Commission about an Applicant or Licensees satisfaction of the financial requirements pursuant to s53b of the Act; or 14 P age

16 b) Has been notified in writing the Commission considers they have provided incorrect information about an Applicant or Licensees satisfaction of the financial requirements; or c) Has been notified in writing the Commission considers they have failed to appropriately apply the requirements of this policy. 6.1 Qualifications for Accepted Independent Accountants The qualifications required of Accepted Independent Accountants for completion of Minimum Financial Requirements Reports are set out in Table 3. Table 3 Accepted Independent Accountant Categories Qualification May Complete MFR Report for Registered company auditor holding professional indemnity insurance of at least $250,000 Holder of a current public practising certificate from the Australian Society of Certified Practising Accountants (CPA) Holder of a current public practising certificate from the Institute of Chartered Accountants in Australia (ICAA) Holder of a current public practising certificate from the National Institute of Accountants (NIA) Holder of a current public practising certificate from the Association of Taxation and Management Accountants (ATMA) Holder of a current public practising certificate from the National Tax & Accountants Association (NTAA) Holder of at least Membership status of one of the above professional associations Registered Tax Agent Categories 1 to 7 Category 1 to 2* Category 1 to 2* Category 1 to 2* Category 1 to 2* Category 1 to 2* Category 1 Only Category 1 Only At the discretion of and only with the Another Responsible Person in extraordinary circumstances prior approval of the Commission *May also complete MFR Reports for Categories 3-7 only where the Applicant or Licensee is not subject to ASIC audit requirements. All work must be performed in accordance with all applicable Australian Accounting and Auditing Standards, and other mandatory reporting requirements. The Accepted Independent Accountant completing the Report may be required by the Commission to demonstrate suitable audit experience. 6.2 Another Responsible Person Where a Minimum Financial Requirements Report is provided by another responsible person, details of the extraordinary circumstances and the reporter s professional qualifications, audit experience (if any), business relationship and length of time of association with the Applicant or Licensee must be provided. Approval as another responsible person will only be given on a case by case basis and is entirely at the discretion of the Commission. 6.3 Notice to Accepted Independent Accountants for Minimum Financial Requirements Reports The following Australian Accounting Standards are mandatory when submitting Minimum Financial Requirements Reports to the Commission: 15 P age

17 AASB Framework for the Preparation and Presentation of Financial Statements; AASB 101 Presentation of Financial Statements; AASB 102 Inventories; AASB 107 Cash Flow Statements; AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors; AASB 110 Events after the Balance Sheet Date; AASB 111 Construction Contracts; AASB 136 Impairment of Assets; AASB 137 Provisions, Contingent Liabilities and Contingent Assets; AASB 1048 Interpretation and Application of Standards; Plus any other standards relevant to the Licensee s business. All Minimum Financial Requirements Reports are to be prepared by an Accepted Independent Accountant based on financial information of the Applicant or Licensee. Minimum Financial Requirements Reports are required to be completed by the Accepted Independent Accountant at the time of an initial licence application and from time to time as the need arises, in accordance with this policy. A review of the Applicant or Licensee s financial position is required to be conducted by the Accepted Independent Accountant in order to provide the Minimum Financial Requirements Report. The processes and utilisation of the Review Control Sheet (Attachment 6) is a minimum requirement only. Applicants and Licensees may opt to have their financial situation reviewed on a more rigorous basis. 6.4 Warning to Accepted Independent Accountants Accepted Independent Accountants have obligations under the Act not to provide false or misleading information. It is an offence for a person to provide the Commission with any information that is false or misleading in circumstances where the person has either knowingly provided the information, or has not taken appropriate steps to ensure the information is not false or misleading. The maximum penalty for providing false or misleading information to the Commission is 2 years imprisonment. The Commission may require an Accepted Independent Accountant to provide evidence of the tests and checks performed in completing a Minimum Financial Requirements Report at any time. 6.5 Reporting Requirements for Accepted Independent Accountants The Accepted Independent Accountant providing Reports must make appropriate enquiries of the Applicant or Licensee, and seek independent evidence that is appropriate in the circumstances, in their professional opinion, to justify the information stated in the Minimum Financial Requirements Report. The Accepted Independent Accountant providing the Minimum Financial Requirements Report must carry out the tests and checks referred to in the Review Control Sheet as a minimum requirement. Minimum Financial Requirements Reports will be deemed incomplete for assessment where they are qualified by disclaimer clauses by the Accepted Independent Accountant giving the report. 6.6 Determining Collectability of Related Entity Loans or Investment Assets 16 P age

18 The Accepted Independent Accountant must determine collectability of any related entity loan or investment assets based on the financial position of the related entity as at the same balance date as the Minimum Financial Requirements Report. As a minimum the Accepted Independent Accountant is required to view the balance sheet of the related entity, for the relevant balance date and ensure the related entity loan or investment is shown as a liability for the same amount, and classification, as stated by the Applicant or Licensee. The related entity must then have a positive net asset position in its own right as at the relevant balance date. Where the related entity in question is owed loans by other related entities, the Accepted Independent Accountant must also determine those loans are collectible or deduct those amounts from the related entities net assets. Where a related entity has a deficiency of assets, any loans owed to the Applicant or Licensee by that related entity must be deducted from the Net Tangible Assets and Current Ratio of the Applicant or Licensee. Evidence of collectability is required to be provided to the Commission upon request. 6.7 Implied Warranty by Accepted Independent Accountant Where an Applicant or Licensee is relying upon one or more Deeds of Covenant and Assurance to meet the Minimum Financial Requirements, the Accepted Independent Accountant signing the Report is warranting to the Commission they have conducted all reasonable checks into each Covenantor s entire financial position to ensure they have Net Real Unencumbered Assets to cover the amount secured by the Deed. Where amounts are considered not collectable, have not been sufficiently evidenced with regard to their value or ownership, are intangible, or are disallowed assets the Accepted Independent Accountant signing the Report must reduce the Covenantor s total Net Real Unencumbered Asset position by that disallowed amount. The Accepted Independent Accountant accepts that the Commission relies upon this warranty in order to grant or maintain the entity s licence. 7. Submission of Financial Information to the Commission 7.1 Applicants for a Licence Applicants for a licence must satisfy the relevant financial requirements stated in this policy. Applicants are required to advise the Commission on application the financial year applicable to the entity applying for a licence. For Australian residents and most companies incorporated in Australia the financial year applicable will be 1 July to 30 June. However, for overseas companies or for Australian companies where ASIC has approved a different financial year, the applicant is to notify the Commission of the applicable financial year. If no notification is given the Applicant or Licensees financial year will be 1 July to 30 June. Applicants must demonstrate at the time of application satisfaction of the relevant financial requirements for the level of maximum revenue being sought per financial year by providing information in the form set out in Table A. 17 P age

19 7.2 Existing Licensees Applying for a New Licence Where an Applicant holds a current licence and the Applicant is not seeking to increase its Maximum Revenue it is not required to submit new financial information. Existing Licensees applying for a Builder class of licence for the first time will need to provide a Declaration or Report where it is reasonable to expect they will exceed their maximum revenue for the financial year, or do not meet minimum requirements for a Builder class of licence. 7.3 Self-Certification Categories (SC1 & SC2) Self-Certification Category 1 (SC1) is available to all Applicants and Licensees not seeking or holding a Builder class of licence, provided their revenue remains within the limit. Applicants for and holders of Builder classes of licence are not eligible to hold a licence in SC1. Self-Certification Category 2 (SC2) is available to all Applicants and Licensees irrespective of the classes of licence sought or held, provided their revenue remains within the limit, and is the minimum financial category available to Builder classes of licence. If notified by the Commission, Applicants and Licensees in a self-certification category will be required to submit a Minimum Financial Requirements Report demonstrating compliance with the requirements of this policy. 7.4 Financial information for Categories 1-7 The Applicant or Licensees financial information in the Minimum Financial Requirements Report can be no more than 4 months in age, from the end of the financial reporting period being relied upon, at the time the Accepted independent Accounts signs the Report, unless otherwise stated in this policy, or as approved by the Commission. To comply with this requirement, the financial information may be based on the Applicant or Licensee s most recent financial information, being either: a) last financial year end accounts; or b) the current financial year to date accounts. The Report must not be signed more than 30 days prior to the date the Report is provided to the Commission. A copy of the signed financial statements being relied upon must accompany the Report. 7.5 Applicants and Licensees subject to ASIC Audit Requirements Applicants or Licensees subject to ASIC audit requirements, are required to provide a Minimum Financial Requirements Report based on the most recently audited financial statements. These accounts may be more than 4 months in age. A copy of the signed audited financial statements on which the Report is based must accompany the Audit Report. If the Applicant or Licensee is operating as a stand-alone company, the Minimum Financial Requirements Report is to be based on the company in its own right. If the Applicant or Licensee is a company operating within a group of companies, and is party to a Deed of Cross Guarantee (ASIC Class Order 98/1418) the Minimum Financial Requirements Report is to be based on either: a) the consolidated group of companies; 18 P age

20 b) the closed group of companies, being only those companies subject to the Deed of Cross Guarantee; or c) the Applicant or Licensee in its own right as a stand-alone company. The Applicant or Licensee will be required to provide evidence the Class Order was in place for the period of review on which the Report is based. 7.6 Applicant and Licensees not previously audited who become subject to ASIC Audit Requirements An Applicant or Licensee who has not been audited previously and becomes subject to ASIC audit requirements is required to provide a Minimum Financial Requirements Report completed by the Registered Company Auditor based on the first set of financial statements prepared which are audited. If the Applicant or Licensee is operating as a stand-alone company, the Minimum Financial Requirements Report is to be based on the company in its own right. If the Applicant or Licensee is a company operating within a group of companies, and is party to a Deed of Cross Guarantee (ASIC Class Order 98/1418) the Minimum Financial Requirements Report is to be based on either: a) the consolidated group of companies; b) the closed group of companies, being only those companies subject to the Deed of Cross Guarantee; or c) the Licensee in its own right as a stand-alone company. The Applicant or Licensee will be required to provide evidence the Class Order was in place for the period of review on which the Report is based. 7.7 Applicants and Licensees in Categories 3-7 Not Required by ASIC to be Audited An Applicant or Licensee in Categories 3-7 who is not currently subject to ASIC audit requirements and expect to continue to be relieved from such requirements under Corporations Act 2001, are required to submit a Minimum Financial Requirements Report and a copy of the signed financial statements on which the Report is based. The Applicant or Licensee that is a company may be required to provide information evidencing the exemption to ASIC audit requirements. The Commission reserves the right to require a company to be audited for the purposes of demonstrating compliance with the Minimum Financial Requirements. Where the Commission exercises this right, written notice of the audit requirement will be issued to the Licensee or Applicant. In considering whether an applicant or Licensee should be audited, the Commission will consider whether the Applicant or Licensee is currently, or will be, subject to audit requirements pursuant to Section 45A(3) of the Corporations Act 2001, and one of the following: Individuals Small proprietary companies Large Proprietary companies with Class Order 98/1417 or similar Overseas companies Where an Applicant or Licensee has obtained relief from ASIC audit requirements under Class Order 98/1417 or similar, evidence the Class Order was in place for the period of the financial statements is required to be provided with the Report. 19 P age

Financial Requirements for Licensing

Financial Requirements for Licensing Financial Requirements for Licensing Effective from 1 CONTENTS ABOUT THIS DOCUMENT...3 1. FINANCIAL REQUIREMENTS FOR LICENSING...4 1.1 Objectives... 4 1.2 Compliance With This Policy... 4 1.3 Definitions...

More information

Mutual Recognition. Who can apply? Build better.

Mutual Recognition. Who can apply? Build better. Build better. Mutual Recognition Mutual Recognition is a process whereby an individual who holds a licence in one state, territory or New Zealand is entitled to be licensed in another state, territory

More information

Licence Application Form COMPANY

Licence Application Form COMPANY Licence Application Form COMPANY Completing this form Use BLACK pen only Print clearly in BLOCK LETTERS DO T use correction fluid any amendments should be crossed out and initialled 1. COMPANY DETAILS

More information

Insolvency: a guide for directors

Insolvency: a guide for directors INFORMATION SHEET 42 Insolvency: a guide for directors This information sheet provides general information on insolvency for directors whose companies are in financial difficulty, or are insolvent, and

More information

G8 Education Limited ABN: 95 123 828 553. Accounting Policies

G8 Education Limited ABN: 95 123 828 553. Accounting Policies G8 Education Limited ABN: 95 123 828 553 Accounting Policies Table of Contents Note 1: Summary of significant accounting policies... 3 (a) Basis of preparation... 3 (b) Principles of consolidation... 3

More information

LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013

LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 Contents INTRODUCTION... 2 SECTION A ADMISSION... 3 A1: Eligibility for admission... 3 A2: Procedure for admission... 4 SECTION B CONTINUING

More information

ASSET FINANCE APPLICATION.

ASSET FINANCE APPLICATION. ASSET FINANCE APPLICATION. For all enquiries please contact us on 1300 658 108 Mon to Fri 9am-5pm (Melbourne time) or email us at business@mebank.com.au Visit mebank.com.au Please complete this form and

More information

NAB Equity Lending. Facility Terms

NAB Equity Lending. Facility Terms NAB Equity Lending Facility Terms This document contains important information regarding the terms and conditions which will apply to your NAB Equity Lending Facility. You should read this document carefully

More information

Your Responsibilities as a Director of a Company. www.moorestephenswa.com.au. Serious about Success

Your Responsibilities as a Director of a Company. www.moorestephenswa.com.au. Serious about Success Your Responsibilities as a Director of a Company www.moorestephenswa.com.au Serious about Success www.moorestephenswa.com.au Introduction As a director of a company you have numerous responsibilities.

More information

COLLECTION AND DEBT REPAYMENT PRACTICES REGULATION

COLLECTION AND DEBT REPAYMENT PRACTICES REGULATION Province of Alberta FAIR TRADING ACT COLLECTION AND DEBT REPAYMENT PRACTICES REGULATION Alberta Regulation 194/1999 With amendments up to and including Alberta Regulation 57/2014 Office Consolidation Published

More information

Insolvency: a glossary of terms

Insolvency: a glossary of terms INFORMATION SHEET 41 Insolvency: a glossary of terms This is a brief explanation of some of the terms you may come across in company insolvency proceedings. Please note that this glossary is for general

More information

Glossary of Terms ASIC

Glossary of Terms ASIC Glossary of Terms ASIC ABN application reference number A unique 13-digit identifying number issued by the Australian Business Register when applying for an Australian Business Number (ABN). Address in

More information

Building Work Contractors Act 1995

Building Work Contractors Act 1995 Version: 21.11.2015 South Australia Building Work Contractors Act 1995 An Act to regulate building work contractors and the supervision of building work; and for other purposes. Contents Part 1 Preliminary

More information

LICENSING POLICY OF THE WORKCOVER AUTHORITY FOR SELF-INSURERS AND GROUP SELF INSURERS LICENSED UNDER SECTION 211 OF THE WORKERS COMPENSATION ACT, 1987

LICENSING POLICY OF THE WORKCOVER AUTHORITY FOR SELF-INSURERS AND GROUP SELF INSURERS LICENSED UNDER SECTION 211 OF THE WORKERS COMPENSATION ACT, 1987 LICENSING POLICY OF THE WORKCOVER AUTHORITY FOR SELF-INSURERS AND GROUP SELF INSURERS LICENSED UNDER SECTION 211 OF THE WORKERS COMPENSATION ACT, 1987 Self-insurance relieves an employer or corporate group

More information

BetaShares Geared U.S. Equity Fund - Currency Hedged (hedge fund) ASX code: GGUS

BetaShares Geared U.S. Equity Fund - Currency Hedged (hedge fund) ASX code: GGUS BetaShares Geared U.S. Equity Fund - Currency Hedged (hedge fund) ASX code: GGUS ARSN 602 666 615 Annual Financial Report for the period 10 November 2014 to 30 June 2015 BetaShares Geared U.S. Equity Fund

More information

CAYMAN ISLANDS. Supplement No. 1 published with Gazette No. 22 of 22nd October, 2012. MUTUAL FUNDS LAW (2012 REVISION)

CAYMAN ISLANDS. Supplement No. 1 published with Gazette No. 22 of 22nd October, 2012. MUTUAL FUNDS LAW (2012 REVISION) CAYMAN ISLANDS Supplement No. 1 published with Gazette No. 22 of 22nd October, 2012. MUTUAL FUNDS LAW (2012 REVISION) Law 13 of 1993 consolidated with Laws 18 of 1993, 16 of 1996 (part), 9 of 1998, 4 of

More information

CUBS SUPERANNUATION FUND Trust Deed. The Trust Company (Superannuation) Limited (Trustee)

CUBS SUPERANNUATION FUND Trust Deed. The Trust Company (Superannuation) Limited (Trustee) CUBS SUPERANNUATION FUND Trust Deed The Trust Company (Superannuation) Limited (Trustee) Table of contents Part 1A - The Cubs Superannuation Trust... 1 Section 1 - Normal Operation of the Fund... 1 1 Joining

More information

CLSA ASIA-PACIFIC SECURITIES DEALING SERVICES: AUSTRALIA MARKET ANNEX

CLSA ASIA-PACIFIC SECURITIES DEALING SERVICES: AUSTRALIA MARKET ANNEX CLSA ASIA-PACIFIC SECURITIES DEALING SERVICES: AUSTRALIA MARKET ANNEX IMPORTANT NOTICE CLSA Singapore Pte Ltd (ARBN 125 288 271, a company incorporated in Singapore) is permitted to provide certain financial

More information

Supplement No. 5 published with Gazette No. 15 of 20th July, 2009. MUTUAL FUNDS LAW. (2009 Revision)

Supplement No. 5 published with Gazette No. 15 of 20th July, 2009. MUTUAL FUNDS LAW. (2009 Revision) Supplement No. 5 published with Gazette No. 15 of 20th July, 2009. Mutual Funds Law (2009 Revision) MUTUAL FUNDS LAW (2009 Revision) Law 13 of 1993 consolidated with Laws 18 of 1993, 16 of 1996 (part),

More information

Lottery and Gaming Regulations 2008

Lottery and Gaming Regulations 2008 Version: 1.7.2015 South Australia Lottery and Gaming Regulations 2008 under the Lottery and Gaming Act 1936 Contents Part 1 Preliminary 1 Short title 3 Interpretation 4 Prohibited goods and services 4A

More information

BUSINESS LOAN APPLICATION FORM.

BUSINESS LOAN APPLICATION FORM. BUSINESS LOAN APPLICATION FORM. For any enquiries contact us on 1300 658 108 Mon to Fri 9am-5pm (AEST/AEDT) Mail to New Accounts - Business Banking, ME Bank, Reply Paid 1345, Melbourne, Victoria 8060.

More information

FACT SHEET 11 - MAJOR BUILDER ELIGIBILITY REVIEWS (effective from 1 July 2014)

FACT SHEET 11 - MAJOR BUILDER ELIGIBILITY REVIEWS (effective from 1 July 2014) FACT SHEET 11 - MAJOR BUILDER ELIGIBILITY REVIEWS (effective from 1 July 2014) The risk management strategy of the Home Warranty (HWIF) for major builders requires that a comprehensive annual review be

More information

AMP Limited Trading Policy

AMP Limited Trading Policy AMP Limited Trading Policy Approved by the AMP Limited Board on 28 March 2012 AMP Limited ABN 49 079 354 519 Contents 1. Trading Policy... 3 1.1 Guiding principles... 3 1.2 General trading restrictions

More information

JB Hi-Fi Limited Securities Trading Policy

JB Hi-Fi Limited Securities Trading Policy JB Hi-Fi Limited Securities Trading Policy 1. Introduction and scope of this Policy Purpose and objectives 1.1 This document sets out the securities trading policy (Policy) of JB Hi-Fi Limited (JB Hi-

More information

Business and Agri Loan Terms and Conditions

Business and Agri Loan Terms and Conditions October 2012 Thank you for choosing an ANZ loan. When you take out a loan, various terms and conditions apply to it. These are covered in this Terms and Conditions document and in your loan agreement.

More information

The Credit Reporting Act

The Credit Reporting Act 1 CREDIT REPORTING c. C-43.2 The Credit Reporting Act being Chapter C-43.2 of The Statutes of Saskatchewan, 2004 (effective March 1, 2005). NOTE: This consolidation is not official. Amendments have been

More information

Casino Control Act 2006

Casino Control Act 2006 Australian Capital Territory A2006-2 Republication No 13 Effective: 14 October 2015 Republication date: 14 October 2015 Last amendment made by A2015-33 Authorised by the ACT Parliamentary Counsel About

More information

Australian Financial Services Licence

Australian Financial Services Licence was licensed as an Australian Financial Services Licensee pursuant to section 913B of the Corporations Act 2001. The conditions of the licence are hereby varied from the date hereunder. The licensee shall

More information

HOME WARRANTY INSURANCE ELIGIBILITY APPLICATION

HOME WARRANTY INSURANCE ELIGIBILITY APPLICATION HOME WARRANTY INSURANCE ELIGIBILITY APPLICATION Please ensure all questions are completed and the declaration at the end of this form is signed prior to lodgement with your insurance broker. For any assistance

More information

Home Loan Facility Agreement Terms and Conditions

Home Loan Facility Agreement Terms and Conditions Home Loan Facility Agreement Terms and Conditions Terms and Conditions Effective 13th July, 2013 ABN 55 094 317 665, ACL 286655, AFSL 286655. All rights reserved. 1 2 ABN 55 094 317 665, ACL 286655, AFSL

More information

Do you need a credit licence? An introduction to consumer credit licensing

Do you need a credit licence? An introduction to consumer credit licensing Do you need a credit licence? An introduction to consumer credit licensing July 2008 Do you need a credit licence? To comply with the requirements of the Consumer Credit Act 1974, you must have a credit

More information

Credit Suisse Tailored Loan and Options Facility Terms and Conditions

Credit Suisse Tailored Loan and Options Facility Terms and Conditions Dated 4 June 2013 Issued by Credit Suisse Investment Services (Australia) Limited (ABN 26 144 592 183 AFSL 370450) Credit Suisse Tailored Loan and Options Facility Terms and Conditions 1. OPTIONS FACILITY...

More information

Home Warranty Insurance eligibility application

Home Warranty Insurance eligibility application Home Warranty Insurance eligibility application Please ensure all questions are completed and the declaration at the end of this form is signed prior to lodgement with your insurance broker. For any assistance

More information

Chase Surety Bond Facility Application Form

Chase Surety Bond Facility Application Form Chase Surety Bond Facility Application Form Supporting Information Required Information required Details of information required Attached Last three (3) years The last three (3) years financial statements

More information

INSOLVENCY AND TRUSTEE SERVICE AUSTRALIA

INSOLVENCY AND TRUSTEE SERVICE AUSTRALIA INSOLVENCY AND TRUSTEE SERVICE AUSTRALIA Section 1: Agency overview and resources 1.1 STRATEGIC DIRECTION STATEMENT The Insolvency and Trustee Service Australia s (ITSA s) purpose is to provide improved

More information

QBE BUILDERS WARRANTY. Residential Builders Warranty INSURANCE PROPOSAL. Eligibility Application PROPOSAL

QBE BUILDERS WARRANTY. Residential Builders Warranty INSURANCE PROPOSAL. Eligibility Application PROPOSAL QBE BUILDERS WARRANTY Residential Builders Warranty INSURANCE PROPOSAL Eligibility Application PROPOSAL Residential Builders Warranty Insurance Eligibility Application Insurance Coverage Residential Builders

More information

Chapter 10 EQUITY SECURITIES RESTRICTIONS ON PURCHASE AND SUBSCRIPTION

Chapter 10 EQUITY SECURITIES RESTRICTIONS ON PURCHASE AND SUBSCRIPTION Chapter 10 EQUITY SECURITIES RESTRICTIONS ON PURCHASE AND SUBSCRIPTION Restrictions on Preferential Treatment of Purchase and Subscription Applications 10.01 Normally no more than ten per cent. of any

More information

Trust Deed for National Provident Lump Sum Cash Accumulation Scheme

Trust Deed for National Provident Lump Sum Cash Accumulation Scheme Trust Deed for National Provident Lump Sum Cash Accumulation Scheme as amended by Deeds of Amendment dated: 30 September 1991 29 May 1992 30 March 1993 21 July 1993 18 November 1993 21 December 1995 29

More information

SHARE TRADING POLICY

SHARE TRADING POLICY T +64 4 499 6830 F +64 4 974 5218 E wellington@bathurstresources.co.nz Level 12, 1 Willeston Street Wellington 6011, New Zealand PO Box 5963 Lambton Quay Wellington 6145, New Zealand 30 October 2015 Market

More information

Authorised Persons Regulations

Authorised Persons Regulations Authorised Persons Regulations Contents Part 1: General Provisions Article 1: Preliminary... Article 2: Definitions... Article 3: Compliance with the Regulations and Rules... Article 4: Waivers... Part

More information

Professional Standards Council of South Australia

Professional Standards Council of South Australia Professional Standards Council of South Australia FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2013 1 Financial Statements 2013 Financial Statements Contents Statement of Comprehensive Income

More information

Main Securities Market LISTING RULES. and Admission to Trading Rules

Main Securities Market LISTING RULES. and Admission to Trading Rules Main Securities Market LISTING RULES and Admission to Trading Rules Release 2 14 April 2014 CONTENTS Chapter 1 Compliance with and Enforcement of the Listing Rules 1.1 Preliminary 1.2 Modifying Rules and

More information

Approval of test houses Application form guidance notes

Approval of test houses Application form guidance notes Approval of test houses Application form guidance notes Introduction This guidance has been written to help you complete the application form GCTHA and the annex GCTHA/AA. Please read this document carefully

More information

Bankruptcy in Australia

Bankruptcy in Australia Bankruptcy in Australia An information guide to the consequences and process of bankruptcy in Australia Our Experience is Your Advantage 1. Overview Thank you for ordering this e-book from Masons Lawyers.

More information

STATEMENT BY A VENDOR OF A SMALL BUSINESS Estate Agents Act 1980 Section 52

STATEMENT BY A VENDOR OF A SMALL BUSINESS Estate Agents Act 1980 Section 52 STATEMENT BY A VENDOR OF A SMALL BUSINESS Estate Agents Act 1980 Section 52 Form 2, Regulation 7, Estate Agents (General, Accounts and Audit) Regulations 2008 Introduction For the purposes of Section 52

More information

[PS 33] Policy Statement 33 Security deposits

[PS 33] Policy Statement 33 Security deposits [PS 33] Policy Statement 33 Security deposits Chapter 7 Securities Chapter 8 Futures industry Issued 25/8/1992 Updated 7/6/1993, 4/7/1994, 28/10/1996, 17/6/2003, 22/6/2004 Headnotes Sections 786(2)(d),

More information

Form 18 Application for a Queensland electrical contractor licence

Form 18 Application for a Queensland electrical contractor licence Electrical Safety Office Form 18 Application for a Queensland electrical contractor licence V17.06-2014 Electrical Safety Act 2002 INSTRUCTIONS: Read the guidelines when completing this application form.

More information

Home Building Amendment Act 2004 No 101

Home Building Amendment Act 2004 No 101 New South Wales Home Building Amendment Act 2004 No 101 Contents Page 1 Name of Act 2 2 Commencement 2 3 Amendment of Home Building Act 1989 No 147 2 4 Amendment of Home Building Regulation 2004 2 5 Amendment

More information

The Mortgage Brokerages and Mortgage Administrators Act

The Mortgage Brokerages and Mortgage Administrators Act MORTGAGE BROKERAGES AND 1 The Mortgage Brokerages and Mortgage Administrators Act being Chapter M-20.1* of The Statutes of Saskatchewan, 2007 (effective October 1, 2010), as amended by the Statutes of

More information

Terms And Conditions Governing Mortgage Loans

Terms And Conditions Governing Mortgage Loans Oversea-Chinese Banking Corporation Limited 65 Chulia Street OCBC Centre Singapore 049513 Tel: +65 6363 3333 FAX: +65 6533 7955 www.ocbc.com Terms And Conditions Governing Mortgage Loans 1. Definitions

More information

Education Services for Overseas Students Act 2000

Education Services for Overseas Students Act 2000 Education Services for Overseas Students Act 2000 Act No. 164 of 2000 as amended This compilation was prepared on 17 December 2008 taking into account amendments up to Act No. 144 of 2008 The text of any

More information

The Mortgage Brokerages and Mortgage Administrators Regulations

The Mortgage Brokerages and Mortgage Administrators Regulations 1 AND MORTGAGE ADMINISTRATORS M-20.1 REG 1 The Mortgage Brokerages and Mortgage Administrators Regulations being Chapter M-20.1 Reg 1 (effective October 1, 2010) as amended by Saskatchewan Regulations,

More information

The National Council of the Slovak Republic has adopted the following Act: Article I. 1 Scope of the act

The National Council of the Slovak Republic has adopted the following Act: Article I. 1 Scope of the act Slovak Investment and Trade Development Agency Address: Trnavsk√° cesta 100, 821 01 Bratislava, Slovak Republic Tel.: +421 2 58 260 100, Fax: +421 2 58 260 109, E-mail: invest@sario.sk, www.sario.sk Act

More information

Singapore Diamond Investment Exchange Pte Ltd SDiX Depository Pte Ltd Application for Membership -- Approved Supplier

Singapore Diamond Investment Exchange Pte Ltd SDiX Depository Pte Ltd Application for Membership -- Approved Supplier 1 Singapore Diamond Investment Exchange Pte Ltd SDiX Depository Pte Ltd Application for Membership -- Approved Supplier Explanatory Notes 1. This application form is for applicants who intend to apply

More information

18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS AND FINANCIAL LIABILITIES I. GENERAL PROVISIONS

18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS AND FINANCIAL LIABILITIES I. GENERAL PROVISIONS APPROVED by Resolution No. 11 of 27 October 2004 of the Standards Board of the Public Establishment the Institute of Accounting of the Republic of Lithuania 18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS

More information

Pacific NonWovens (Australia) Pty Limited (Administrators Appointed) ACN 163 768 474 (the Company)

Pacific NonWovens (Australia) Pty Limited (Administrators Appointed) ACN 163 768 474 (the Company) 18 May 2015 Circular to Employees Dear Sir/Madam Pacific NonWovens (Australia) Pty Limited (Administrators Appointed) ACN 163 768 474 (the Company) Stewart McCallum and I were appointed joint and several

More information

INDIVIDUAL CLIENT AGREEMENT AGILITY FOREX LTD INDIVIDUAL CLIENT AGREEMENT

INDIVIDUAL CLIENT AGREEMENT AGILITY FOREX LTD INDIVIDUAL CLIENT AGREEMENT INDIVIDUAL CLIENT AGREEMENT INDIVIDUAL CLIENT AGREEMENT The following terms and conditions apply to individuals who are transacting: for their own account, as a sole proprietor of a business, as a trustee

More information

Home Loan Agreement General Terms

Home Loan Agreement General Terms Your Home Loan Agreement with us, China Construction Bank (New Zealand) Limited is made up of two documents: A. This document called ; and B. The document called Home Loan Agreement Specific Terms. Your

More information

DECISION on own funds of credit institutions. Subject matter Article 1

DECISION on own funds of credit institutions. Subject matter Article 1 Pursuant to Article 161, paragraph (1), item (1) of the Credit Institutions Act (Official Gazette 117/2008) and Article 43, paragraph (2), item (9) of the Act on the Croatian National Bank (Official Gazette

More information

ABN ACN Registration number (including ABN of any Trust) (company applicants only) (incorporated association applicants only) Business phone number:

ABN ACN Registration number (including ABN of any Trust) (company applicants only) (incorporated association applicants only) Business phone number: on 1300 658 108 Mon to Fri 9am-5pm (AEST/AEDT) Mail to New Accounts - Business Banking, ME Bank, Reply Paid 1345, Melbourne, Victoria 8060. Visit mebank.com.au Section 1 - Applicant Details Business Loan

More information

INVESTMENT FUNDS ACT 2006 BERMUDA 2006 : 37 INVESTMENT FUNDS ACT 2006

INVESTMENT FUNDS ACT 2006 BERMUDA 2006 : 37 INVESTMENT FUNDS ACT 2006 BERMUDA 2006 : 37 INVESTMENT FUNDS ACT 2006 Date of Assent: 28 December 2006 Operative Date: 7 March 2007 ARRANGEMENT OF PARAGRAPHS PART I PRELIMINARY 1 Short title and commencement Interpretation 2 Interpretation

More information

American Express. Business Credit Card Conditions

American Express. Business Credit Card Conditions American Express Business Credit Card Conditions Effective 1st June 2006 Postal Address American Express Australia Limited Cardmember Services GPO Box 1582 Sydney NSW 2001 Lost or Stolen Cards In Australia

More information

Residential Loan Agreement. General Terms and Conditions

Residential Loan Agreement. General Terms and Conditions Residential Loan Agreement General Terms and Conditions Effective Date: 1 July 2014 IMPORTANT NOTE This document does not contain all the terms of your loan agreement or all of the information we are required

More information

Reporting requirements for non-reporting entities

Reporting requirements for non-reporting entities REGULATORY GUIDE 85 Reporting requirements for non-reporting entities July 2005 What this guide is about 1 This guide provides guidance on application of the reporting entity test and the reporting obligations

More information

FP5 SIGNIFICANT ACCOUNTING POLICIES - BUDGET

FP5 SIGNIFICANT ACCOUNTING POLICIES - BUDGET FP5 SIGNIFICANT ACCOUNTING POLICIES - BUDGET Adopted: Audit Committee 20 June 2013 Committee Decision No. 10 Audit Committee Minutes endorsed by Council OMC 18 July 2013 Council Decision No. 2753 AASB

More information

Lawyers and Conveyancers Act (Trust Account) Regulations 2008

Lawyers and Conveyancers Act (Trust Account) Regulations 2008 Lawyers and Conveyancers Act (Trust Account) Regulations 2008 Rt Hon Dame Sian Elias, Administrator of the Government Order in Council At Wellington this 30th day of June 2008 Present: Her Excellency the

More information

FINANCIAL PLANNERS PROFESSIONAL INDEMNITY INSURANCE PROPOSAL

FINANCIAL PLANNERS PROFESSIONAL INDEMNITY INSURANCE PROPOSAL FINANCIAL PLANNERS PROFESSIONAL INDEMNITY INSURANCE PROPOSAL NOTICE TO THE APPLICANT FOR INSURANCE 1. YOUR DUTY OF DISCLOSURE Before you enter into a contract of general insurance with the insurers, you

More information

Personal Loan Contract

Personal Loan Contract GE Money Personal Loan Contract Terms & Conditions GE imagination at work Contents What we lend and when 1 The annual interest rate 2 Interest charges 2 Repayments 3 Early repayment 3 Fees and charges

More information

ASX OPERATING RULES GENERAL OBLIGATIONS... 303 ORDERLY TRADING... 303

ASX OPERATING RULES GENERAL OBLIGATIONS... 303 ORDERLY TRADING... 303 ASX OPERATING RULES SECTION 3 TRADING RULES GENERAL OBLIGATIONS... 303 ORDERLY TRADING... 303 Fair and orderly markets... 303 Technical failure... 304 Communications with a Trading Platform... 304 Efficiency

More information

February 2015. tpp 15-01. Accounting Policy: Financial Reporting Code for NSW General Government Sector Entities. Policy & Guidelines Paper

February 2015. tpp 15-01. Accounting Policy: Financial Reporting Code for NSW General Government Sector Entities. Policy & Guidelines Paper February 2015 15-01 Accounting Policy: Financial Reporting Code for NSW General Government Sector Entities Policy & Guidelines Paper Preface The Financial Reporting Code (the Code) applies to all New South

More information

Financial Reporting by Superannuation Plans

Financial Reporting by Superannuation Plans Australian Accounting Standard AAS 25 March 1993 Financial Reporting by Superannuation Plans Prepared by the Public Sector Accounting Standards Board of the Australian Accounting Research Foundation and

More information

I loved reading the terms & conditions! said no one, ever. term deposit terms + conditions

I loved reading the terms & conditions! said no one, ever. term deposit terms + conditions I loved reading the terms & conditions! said no one, ever term deposit terms + conditions index. Part a - general terms and conditions. 2 1 Purpose of this booklet. 2 2 Meaning of words used. 2 3 Opening

More information

COLLECTIVE INVESTMENT LAW DIFC LAW No. 2 of 2010

COLLECTIVE INVESTMENT LAW DIFC LAW No. 2 of 2010 ---------------------------------------------------------------------------------------------- COLLECTIVE INVESTMENT LAW DIFC LAW No. 2 of 2010 ----------------------------------------------------------------------------------------------

More information

credit card Conditions of Use

credit card Conditions of Use VISA credit card Conditions of Use EFFECTIVE FROM 20 MARCH 2013 a refreshing attitude to banking QUEENSLAND COUNTRY CREDIT UNION VISA CREDIT CARD 1 Contents 1. Introduction 3 2. Additional Cards 3 3. Application

More information

GUIDE TO INVESTMENT FUNDS IN BERMUDA

GUIDE TO INVESTMENT FUNDS IN BERMUDA GUIDE TO INVESTMENT FUNDS IN BERMUDA CONTENTS PREFACE 1 1. Introduction 2 2. Principal Regulatory Framework 2 3. Investment Fund Structures and Forms 4 4. Segregated Accounts Companies and the Segregation

More information

Terms and Conditions for Certification, Assessment Services and TradeMark Licence

Terms and Conditions for Certification, Assessment Services and TradeMark Licence Terms and Conditions for Certification, Assessment Services and TradeMark Licence To be read in conjunction with your application. For contact information, please refer to the back page. Terms and Conditions

More information

CLEARING AND SETTLEMENT SYSTEMS BILL

CLEARING AND SETTLEMENT SYSTEMS BILL C1881 CLEARING AND SETTLEMENT SYSTEMS BILL CONTENTS Clause Page PART 1 PRELIMINARY 1. Short title and commencement... C1887 2. Interpretation... C1887 PART 2 DESIGNATION AND OVERSIGHT Division 1 Designation

More information

INSOLVENCY AND AVAILABLE OPTIONS

INSOLVENCY AND AVAILABLE OPTIONS INSOLVENCY AND AVAILABLE OPTIONS Corporations Act 2001 - Section 95A 95A Solvency and insolvency (1) A person is solvent if, and only if, the person is able to pay all the person's debts as and when they

More information

Chapter 7. Changes in capital and new issues

Chapter 7. Changes in capital and new issues Table of Contents Chapter 7 The main headings in this chapter Rules New issues 7.1 7.9 No interference etc with issue of + securities 7.10 Rules that apply to all + pro rata issues 7.11 Rules that apply

More information

CUSTOMS BROKER LICENCE

CUSTOMS BROKER LICENCE n c' Australian Government 4-t Australian Customs and Border Protection Service AUSTRALIAN CUSTOMS AND BORDER PROTECTION NOTICE 2012/29 Customs Broker Licence Conditions and Continuing Professional Development

More information

Standard Terms of Engagement. and. Terms of Business

Standard Terms of Engagement. and. Terms of Business Standard Terms of Engagement and Terms of Business Contents 1. Standard Terms of Engagement of Keirs Carr... 4 1.1 Accounting Services... 4 Accounting Services... 4 Compilation of Financial Statements...

More information

Companies Regulations (COR)

Companies Regulations (COR) Appendix 9 In this appendix underlining indicates new text and striking through indicates deleted text. N.B. As mentioned in paragraph 7 of this consultation paper, these regulations are made under the

More information

For personal use only

For personal use only General Purpose Financial Statements For the Half-Year Ended 31 December 2013 Financial Statements CONTENTS Pages Directors Report 2 Auditor s Independence Declaration 4 Independent Review Report 5 Directors

More information

Small Business Grants (Employment Incentive) Act 2015 No 14

Small Business Grants (Employment Incentive) Act 2015 No 14 New South Wales Small Business Grants (Employment Incentive) Act 2015 No 14 Contents Page Part 1 Part 2 Preliminary 1 Name of Act 2 2 Commencement 2 3 Object of Act 2 4 Definitions 2 Grant scheme 5 Grant

More information

ABN 17 006 852 820 PTY LTD (FORMERLY KNOWN AS AQUAMAX PTY LTD) DIRECTORS REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2015

ABN 17 006 852 820 PTY LTD (FORMERLY KNOWN AS AQUAMAX PTY LTD) DIRECTORS REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2015 DIRECTORS REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2015 In accordance with a resolution of the Directors dated 16 December 2015, the Directors of the Company have pleasure in reporting on the Company for

More information

Insolvency and. Business Recovery. Procedures. A Brief Guide. Compiled by Compass Financial Recovery and Insolvency Ltd

Insolvency and. Business Recovery. Procedures. A Brief Guide. Compiled by Compass Financial Recovery and Insolvency Ltd Insolvency and Business Recovery Procedures A Brief Guide Compiled by Compass Financial Recovery and Insolvency Ltd I What is Insolvency? Insolvency is legally defined as: A company is insolvent (unable

More information

Super Accelerator. Supplementary Product Disclosure Statement. 2 April 2015. Issuer/trustee details: netwealth Investments Limited

Super Accelerator. Supplementary Product Disclosure Statement. 2 April 2015. Issuer/trustee details: netwealth Investments Limited Super Accelerator Supplementary Product Disclosure Statement 2 April 2015 Issuer/trustee details: netwealth Investments Limited Level 8/52 Collins Street MELBOURNE VIC 3000 ABN 85 090 569 109 AFSL 230975

More information

Terms and Conditions of Offer and Contract (Works & Services) Conditions of Offer

Terms and Conditions of Offer and Contract (Works & Services) Conditions of Offer Conditions of Offer A1 The offer documents comprise the offer form, letter of invitation to offer (if any), these Conditions of Offer and Conditions of Contract (Works & Services), the Working with Queensland

More information

Scheme Rules. The JLT (Schools PA) Discretionary Trust Arrangement. Distinctive. Choice. JLT GROUP SERVICES PTY LTD

Scheme Rules. The JLT (Schools PA) Discretionary Trust Arrangement. Distinctive. Choice. JLT GROUP SERVICES PTY LTD Scheme Rules The JLT (Schools PA) Discretionary Trust Arrangement Distinctive. Choice. JLT GROUP SERVICES PTY LTD Version (SchoolsPA) 2014 Distinctive Choice JLT is an international group of Risk Specialists

More information

TCS Financial Solutions Australia (Holdings) Pty Limited. ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015

TCS Financial Solutions Australia (Holdings) Pty Limited. ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015 TCS Financial Solutions Australia (Holdings) Pty Limited ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015 Contents Page Directors' report 3 Statement of profit or loss and other

More information

SAMPLE ASSESSMENT TASKS ACCOUNTING AND FINANCE ATAR YEAR 11

SAMPLE ASSESSMENT TASKS ACCOUNTING AND FINANCE ATAR YEAR 11 SAMPLE ASSESSMENT TASKS ACCOUNTING AND FINANCE ATAR YEAR 11 Copyright School Curriculum and Standards Authority, 2014 This document apart from any third party copyright material contained in it may be

More information

1. The applicant for registration of this funeral fund is a: New funeral fund Previously exempt funeral fund

1. The applicant for registration of this funeral fund is a: New funeral fund Previously exempt funeral fund ABN 81 913 830 179 Application for registration of a funeral fund Funeral Funds Act 1979 Funeral Funds Regulation 2011 FEE: $507 Before completing this application, please consult the accompanying explanatory

More information

North East Lincolnshire Council. Debt Management Strategy

North East Lincolnshire Council. Debt Management Strategy North East Lincolnshire Council Debt Management Strategy Section Title Page No 1. Introduction 2. General Principles 3. Principles common to all debts 4. Principles of Enforcement 5. Strategy specific

More information

Reporting by Liquidators to the Director of Corporate Enforcement

Reporting by Liquidators to the Director of Corporate Enforcement STATEMENT OF INSOLVENCY PRACTICE S18B Reporting by Liquidators to the Director of Corporate Enforcement Contents Paragraphs Introduction 1 6 Commencement 7 9 Scope 10 12 Duty to report 13 15 Content of

More information

Insolvency: a guide for directors

Insolvency: a guide for directors INFORMATION SHEET 42 Insolvency: a guide for directors This information sheet provides general information on insolvency for directors whose companies are in financial difficulty, or are insolvent, and

More information

C:\Documents and Settings\panot\Local Settings\Temporary Internet Files\OLK60\Guide to Home Warranty Ins FINAL.doc

C:\Documents and Settings\panot\Local Settings\Temporary Internet Files\OLK60\Guide to Home Warranty Ins FINAL.doc 1 Guide to Home Warranty Insurance This Guide is to assist accountants and builders/contractors in the process of obtaining and maintaining Home Warranty Insurance. Home Warranty Insurance is a compulsory

More information

LEAD PROVIDER FRAMEWORK CALL OFF TERMS AND CONDITIONS

LEAD PROVIDER FRAMEWORK CALL OFF TERMS AND CONDITIONS LEAD PROVIDER FRAMEWORK CALL OFF TERMS AND CONDITIONS 1 LEAD PROVIDER FRAMEWORK - CALL OFF TERMS AND CONDITIONS - SUMMARY Where an Order Form is issued by the Authority that refers to the Framework Agreement,

More information

BERMUDA INVESTMENT FUNDS ACT 2006 2006 : 37

BERMUDA INVESTMENT FUNDS ACT 2006 2006 : 37 QUO FA T A F U E R N T BERMUDA INVESTMENT FUNDS ACT 2006 2006 : 37 TABLE OF CONTENTS 1 2 2A 3 4 5 6 6A 6B 7 8 8A 9 9A 10 Short title and commencement PART I PRELIMINARY Interpretation Interpretation Meaning

More information

Westfield Corporation Security Trading Policy Trading Restrictions. Westfield Corporation Limited (ABN 12 166 995 197)

Westfield Corporation Security Trading Policy Trading Restrictions. Westfield Corporation Limited (ABN 12 166 995 197) Westfield Corporation Security Trading Policy Trading Restrictions Westfield Corporation Limited (ABN 12 166 995 197) Westfield America Management Limited (ABN 66 072 780 619) WESTFIELD CORPORATION SECURITY

More information