When to report your financial information

Licensees will be required to report their financial information or continued compliance with the regulation and MFR policy at certain times including:

On application for a licence;
Where the Maximum Revenue requires adjustment;
Where the Net Tangible Asset position has decreased by more than 30% for licensees within Categories SC1 – Category 3 and by more than 20% for all other licensees
On compliance audit;
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.

Financial reporting for licensees

When to report your financial information