Quarterly report or electronic access onQuarterly report or electronic access on a substantially continuous basis

Quarterly report or electronic access on a substantially continuous basis

(9) The responsible entity of an IDPS-like scheme must give each member: (a) a quarterly report complying with subsection (11) within one month after each quarter day; or

(b) electronic access to the information referred to in subsection (12) on a substantially continuous basis if either:

(i) both the following apply:

(A) the member has agreed to obtain information concerning transactions and holdings through the scheme electronically instead of receiving a quarterly report;

(B) the licensee has no reason to doubt that the member can electronically access the information on a substantially continuous basis; or

(ii) all the following apply:

  (A) the member has received reasonable notice that the member will be able to obtain information concerning transactions and holdings through the scheme electronically instead of receiving a quarterly report;

  (B) the licensee has no reason to doubt the member can electronically access the information on a substantially continuous basis;

  (C) the licensee has provided the member with the ability to opt out of receiving the information by electronic access;

  (D) the member has not opted out of receiving the information by electronic access.

(10) If the responsible entity provides electronic access to information to members during a quarter instead of a quarterly report complying with subsection (11): (a) the information that was displayed at the quarter’s end for the quarter that purports to be the information required under subsection (12) must remain readily accessible to members through the same facility by which electronic access was given to the members during the quarter until the end of the financial year of the IDPS-like scheme after the financial year of the IDPS-like scheme in which the quarter day falls; and (b) the facility on which the information remains accessible must display to members 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. (11) The quarterly report must be a written report which contains the following information: (a) all transactions carried out under a direction given by a member or on their behalf during the quarter; and (b) the quantity and value of assets held through the IDPS-like scheme by the member and corresponding liabilities on the quarter day, the value of assets being determined as follows: (i) for financial assets—the 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 scheme; and (c) the revenue and expenses of the member in relation to the scheme and assets held through the scheme by the member during the quarter. (12) The following information must be accessible electronically if electronic access is provided instead of quarterly reports: (a) all transactions which the member has conducted through the scheme for a period of at least one year (or such shorter period as they have been a member) up to a date no more than 48 hours (excluding hours on a day that is not a business day) before the time of access; (b) the quantity and value of assets held through the IDPS-like scheme by the member and corresponding liabilities at a time no more than 48 hours (excluding hours on a day that is not a business day) before the time of access, the values of the assets being determined in accordance with paragraph (11)(b) and being as current as is reasonably practicable; (c) the revenue and expenses of the member in relation to the scheme and assets held through the scheme by the member during a period of at least one year (or such shorter period as they have been a member) up to a date no more than 48 hours (excluding hours on a day that is not a business day) before the time of access; (d) the time at which the information is current.