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Accounts and Audit Rules

Q1 : In the case of a licensed corporation which is licensed solely for one or more of types 4, 5, 6, or 9 regulated activity and subject to the specified licensing condition (that it may not hold client assets), and whose financial year does not end on 30 June or 31 December, is the licensed corporation required to submit financial returns made up to the last day of the financial year in accordance with section 3(1)(b) of the Securities and Futures (Accounts and Audit) Rules even though it is not required to do so under section 56(3) of the Securities and Futures (Financial Resources) Rules?

A:

It is acceptable for the licensed corporation to submit its latest financial returns (i.e. ending 30 June or 31 December) for the purposes of compliance with section 56(3) of the Securities and Futures (Financial Resources) Rules.

For example, for a licensed corporation whose financial year ended on 31 July 2004, it can submit the financial returns as at 30 June 2004 and comply with the Securities and Futures (Accounts and Audit) Rules.

However, if the licensed corporation prefers to prepare financial returns made up to 31 July 2004 that is equally acceptable. 

Section reference: 3(1)(b)

Last update: 9 Sep 2004

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