sec.13Licensees must give commission information about particular decreases in net tangible assets

### sec.13 Licensees must give commission information about particular decreases in net tangible assets This section applies to a licensee if— the licensee has given the commission written notice of the licensee’s net tangible assets; and A licensee may have notified the commission of the licensee’s net tangible assets in the licensee’s application for a licence or when complying with a requirement under an approved audit program or other requirement to give financial information under the Act . the commission has given the licensee a written notice that the commission accepts the net tangible assets notified under paragraph (a) (the accepted NTA ); and the licensee’s net tangible assets decrease by more than— for a category SC1, SC2, 1, 2 or 3 licensee—30% below the licensee’s most recent accepted NTA; or for any other licensee—20% below the licensee’s most recent accepted NTA. The licensee must, within 30 days after the licensee becomes aware, or ought reasonably to have become aware, of the decrease, give the commission— for a category SC1 or SC2 licensee—a declaration about the decrease in the approved form; or otherwise—an MFR report for the licensee. Maximum penalty—20 penalty units. s 13 amd 2019 SL No. 30 s 18 (sec.13-ssec.1) This section applies to a licensee if— the licensee has given the commission written notice of the licensee’s net tangible assets; and A licensee may have notified the commission of the licensee’s net tangible assets in the licensee’s application for a licence or when complying with a requirement under an approved audit program or other requirement to give financial information under the Act . the commission has given the licensee a written notice that the commission accepts the net tangible assets notified under paragraph (a) (the accepted NTA ); and the licensee’s net tangible assets decrease by more than— for a category SC1, SC2, 1, 2 or 3 licensee—30% below the licensee’s most recent accepted NTA; or for any other licensee—20% below the licensee’s most recent accepted NTA. (sec.13-ssec.2) The licensee must, within 30 days after the licensee becomes aware, or ought reasonably to have become aware, of the decrease, give the commission— for a category SC1 or SC2 licensee—a declaration about the decrease in the approved form; or otherwise—an MFR report for the licensee. Maximum penalty—20 penalty units. - (a) the licensee has given the commission written notice of the licensee’s net tangible assets; and Examples of how a licensee may have notified the commission— A licensee may have notified the commission of the licensee’s net tangible assets in the licensee’s application for a licence or when complying with a requirement under an approved audit program or other requirement to give financial information under the Act . - (b) the commission has given the licensee a written notice that the commission accepts the net tangible assets notified under paragraph (a) (the accepted NTA ); and - (c) the licensee’s net tangible assets decrease by more than— (i) for a category SC1, SC2, 1, 2 or 3 licensee—30% below the licensee’s most recent accepted NTA; or (ii) for any other licensee—20% below the licensee’s most recent accepted NTA. - (i) for a category SC1, SC2, 1, 2 or 3 licensee—30% below the licensee’s most recent accepted NTA; or - (ii) for any other licensee—20% below the licensee’s most recent accepted NTA. - (i) for a category SC1, SC2, 1, 2 or 3 licensee—30% below the licensee’s most recent accepted NTA; or - (ii) for any other licensee—20% below the licensee’s most recent accepted NTA. - (a) for a category SC1 or SC2 licensee—a declaration about the decrease in the approved form; or - (b) otherwise—an MFR report for the licensee.