ASIC has accepted an enforceable undertaking (EU) from Opus Capital, the responsible entity for 14 unlisted property funds.

The EU comes after the federal court handed down a judgment at the end of August that confirmed ASIC was right in determining that Opus was in breach of its Australian financial services licence (AFSL) requirements.

Under the EU, Opus has agreed to not rely on deferred tax assets or sale and performance fee assets for the purposes of meeting its net tangible asset (NTA) conditions.

Opus also agreed to classify the assets as intangible assets in all financial reports. 

In additon the financial services organisation consented not to recognise the sale and performance fee, that may arise on the sale of properties held by schemes managed by Opus, as revenue except to the extent that a particular fee relates to an asset that has been sold.

Furthermore a committment to use an amortised cost of the sale and performance fee of zero rather than its fair value was given.

"This EU reinforces ASIC's commitment to hold gatekeepers to account, in particular to uphold the integrity of the financial requirements for AFS licensees that operate registered schemes," ASIC chairman Greg Medcraft said.

"The consequences of failing to meet licensee standards should be clear to all and will be strictly enforced."

Opus will also provide ASIC with a quarterly report on its compliance with the financial conditions of its licence for the next two years.

Prior to accepting the EU, Opus rectified the breach of the NTA condition through a subordinated loan of $2.5 million, the regulator said.

As the issue of NTA compliance has now been resolved by Opus, licence cancellation proceedings before the Administrative Appeal Tribunal (AAT) have been resolved by consent orders.

ASIC originally cancelled Opus' licence in August 2010, after the company failed to rectify the ongoing breach of the NTA condition of its licence to the regulator's satisfaction.

Opus applied to the AAT and was allowed to set aside ASIC's decision to cancel its licence.

But ASIC appealed that decision in the Federal Court of Australia and the Federal Court overturned the AAT's decision.