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(1) A broker-dealer shall, in respect of each financial year, other than a financial year that ended before die date of commencement of this Act or ended on or after that date but before the date on which die

broker-dealer commenced to carry on business as a broker-dealer prepare a true and fair financial statement on die basis of internationally acceptable accounting standards and containing the information and matters that are prescribed, and lodge them with the Commission before the prescribed day for that financial year, together with an auditor’s report containing the prescribed information and matters.

(2) The Commission may, on an application made by a broker- dealer before the expiration of the period of two months or as the case requires, die period of three months referred to in the definition as “prescribed day” in subsection (4) or, if that period has been extended pursuant to an approval previously given under this subsection, before the expiration of the extended period, approve an extension or further extension of the period, and the approval may be given subject to the conditions that the Commission may impose.

(3) Where an approval under subsection (2) in relation to a broker-dealer is given subject to conditions, the broker-dealer shall comply with those conditions.

(a) that there has been undue delay, or unreasonable refusal, on the part of a person who is or has been a broker-dealer, in paying, applying or accounting for trust moneys as required by this Act;

(b) that a person who is or has been a broker-dealer has not paid moneys into a trust account as provided by section 159 or into an account as provided by the section;

(c) that a business of dealing in securities is carried on or was carried on by a person not in partnership;

(d) that the broker-dealer’s licence of that person under Part Four has been revoked or suspended;

(e) that a person is incapable, by reason of physical or mental infirmity, of managing the affairs of that person;

(f) that a person has ceased to carry on a business of dealing in securities; or

(g) that a person has died,

the Count may make an order to restrain die operation of all or any of the bank accounts of that person, subject to terms and conditions that the Court may impose.