Financial reporting for licensees
When to report your financial information
Licensees will be required to report their financial information or continued compliance with the MFR Regulation 2018 at certain times including:
- On application for a licence;
- Where the Maximum Revenue requires adjustment for categories 1-7, Licensees within SC1 and SC2 will be required to provide the self declaration form; as outlined on Financial reporting requirements for Self Certifying 1 and 2;
- Where the Maximum Revenue requires adjustment;
- Where the Net Tangible Asset position has decreased by more than:
- 30% for licensees within categories SC1, SC2 and Cats 1-3
- 20% for licensees within categories 4-7.
- Pursuant to an approved audit program;
- On expiry of the Licensee’s Professional Indemnity Insurance Policy;
- On request by the Licensee;
- Change of ownership of officeholders;
- Restructure of partnership;
- Change or withdrawal of Covenantors; or
- At the discretion of the Commission.