sec.17BAmounts under deed of covenant and assurance that may be included as assets of licensee

### sec.17B Amounts under deed of covenant and assurance that may be included as assets of licensee A deed of covenant asset may be included as an asset of the licensee only if— the licensee is a person other than an individual who is a sole trader; and the licensee is a category 1, 2, 3, 4, 5, 6 or 7 licensee; and the covenantor under the deed of covenant and assurance is eligible to enter the deed as covenantor under section 17C ; and subsection (2) is complied with in relation to the deed. For subsection (1) (d) , the original deed of covenant and assurance must be— in the approved form; and given to the commission; and accompanied by— a statement of financial position, in the approved form, for the covenantor under the deed; and a copy of each document relied on by the licensee in assessing the covenantor’s eligibility to enter the deed, including, for example, evidence of the net tangible assets of the covenantor. The licensee must, if reasonably practicable, ensure the statement of financial position mentioned in subsection (2) is prepared by the accountant who prepares any MFR report for the licensee that includes the deed of covenant asset for working out the licensee’s net tangible assets. s 17B ins 2019 SL No. 30 s 23 (sec.17B-ssec.1) A deed of covenant asset may be included as an asset of the licensee only if— the licensee is a person other than an individual who is a sole trader; and the licensee is a category 1, 2, 3, 4, 5, 6 or 7 licensee; and the covenantor under the deed of covenant and assurance is eligible to enter the deed as covenantor under section 17C ; and subsection (2) is complied with in relation to the deed. (sec.17B-ssec.2) For subsection (1) (d) , the original deed of covenant and assurance must be— in the approved form; and given to the commission; and accompanied by— a statement of financial position, in the approved form, for the covenantor under the deed; and a copy of each document relied on by the licensee in assessing the covenantor’s eligibility to enter the deed, including, for example, evidence of the net tangible assets of the covenantor. (sec.17B-ssec.3) The licensee must, if reasonably practicable, ensure the statement of financial position mentioned in subsection (2) is prepared by the accountant who prepares any MFR report for the licensee that includes the deed of covenant asset for working out the licensee’s net tangible assets. - (a) the licensee is a person other than an individual who is a sole trader; and - (b) the licensee is a category 1, 2, 3, 4, 5, 6 or 7 licensee; and - (c) the covenantor under the deed of covenant and assurance is eligible to enter the deed as covenantor under section 17C ; and - (d) subsection (2) is complied with in relation to the deed. - (a) in the approved form; and - (b) given to the commission; and - (c) accompanied by— (i) a statement of financial position, in the approved form, for the covenantor under the deed; and (ii) a copy of each document relied on by the licensee in assessing the covenantor’s eligibility to enter the deed, including, for example, evidence of the net tangible assets of the covenantor. - (i) a statement of financial position, in the approved form, for the covenantor under the deed; and - (ii) a copy of each document relied on by the licensee in assessing the covenantor’s eligibility to enter the deed, including, for example, evidence of the net tangible assets of the covenantor. - (i) a statement of financial position, in the approved form, for the covenantor under the deed; and - (ii) a copy of each document relied on by the licensee in assessing the covenantor’s eligibility to enter the deed, including, for example, evidence of the net tangible assets of the covenantor.