Singapore legislation
Clause 109
Clause 109
Power of Authority to appoint auditor
(1)
Where —
a holder of a capital markets services licence fails to lodge an auditor’s report under section 107; or
the Authority receives a report under section 108,the Authority may, without prejudice to its powers under section 115, if it is satisfied that it is in the interests of the holder, the customers of the holder or the general public to do so, appoint in writing an auditor to examine and audit, either generally or in relation to any particular matter, the books of the holder.
(2)
Where the Authority is of the opinion that the whole or any part of the costs and expenses of an auditor appointed by the Authority under subsection (1) should be borne by the holder of a capital markets services licence, the Authority may, in writing, direct the holder to pay a specified amount, being the whole or part of such costs and expenses, within such time and in such manner as may be specified in the direction.
(3)
Where a holder of a capital markets services licence fails to comply with a direction under subsection (2), the amount specified in the direction may be sued for and recovered by the Authority as a civil debt.
(4)
An auditor appointed under this section shall, on the conclusion of the examination and audit, make a report to the Authority.