Commentary on Sections Regulation of loans Section 71N Changes to be recorded in quarterly reports
353.Section 71N provides for changes to be recorded in quarterly reports, to take account of the fact that since regulated transactions involve an ongoing relationship, it is necessary to require the reporting of variations in their terms. Subsection (1) provides that the following changes are required to be reported: first, a new authorised participant becoming party to a transaction; secondly, any change in details required to be reported in relation to the transaction under certain provisions of Schedule 6A; and, thirdly, where the transaction has come to an end.
354.Subsection (2) defines what is meant by a loan coming to an end: it includes both when the loan is repaid in full and also when the whole (or the whole of the remaining) debt is released. The report must state how the loan came to an end.