Singapore legislation
Section 35
Section 35
Additional powers of Authority in respect of auditors
(1)
Notwithstanding the provisions of the Companies Act [Cap. 50] or anything contained in this Part, the Authority may —
itself appoint an auditor under this Part; and
impose all or any of the following duties on an auditor of a Futures Exchange, a clearing house, a futures broker, a futures trading adviser or a futures pool operator, as the case may be:
a duty to submit such additional information in relation to his audit as the Authority considers necessary;
a duty to enlarge or extend the scope of his audit of the business and affairs of a Futures Exchange, a clearing house, a futures broker, a futures trading adviser or a futures pool operator;
a duty to carry out any other examination or establish any procedure in any particular case; and
a duty to submit a report on any of the matters referred to in sub-paragraphs (ii) and (iii).
(2)
A Futures Exchange, a clearing house, a futures broker, a futures trading adviser or a futures pool operator, as the case may be, shall remunerate the auditor in respect of the discharge of all or any of the additional duties referred to in subsection (1).
(3)
If an auditor in the course of the performance of his duties as an auditor of a Futures Exchange, a clearing house, a futures broker, a futures trading adviser or a futures pool operator, as the case may be, is satisfied that —
there had been a serious breach or non-observance of this Act, including the regulations made thereunder, or that otherwise a criminal offence involving fraud or dishonesty has been committed;
serious irregularities have occurred, including irregularities that jeopardise the funds, securities or property of the customers; or
he is unable to confirm whether claims of creditors are still covered by the assets,he shall immediately report the matter to the Authority.
(4)
An auditor appointed under subsection (1)(a) shall have all the powers conferred upon an auditor under section 30.
(5)
Where the Authority is of the opinion that the whole or any part of the costs and expenses of an auditor appointed under subsection (1)(a) should be borne by a Futures Exchange, a clearing house, a futures broker, a futures trading adviser or a futures pool operator, as the case may be, the Authority may by order in writing direct that the Exchange, clearing house, futures broker, futures trading adviser or futures pool operator, as the case may be, shall pay a specified amount, being the whole or part of the costs and expenses within the time and manner specified in the order.