Singapore legislation
Clause 48
Clause 48
Lodgment of accounts
(1)
A licensed financial adviser shall, in respect of each financial year —
prepare a true and fair profit and loss account and a balance-sheet made up to the last day of the financial year; and
lodge that account and balance-sheet with the Authority within 5 months, or such extension thereof permitted by the Authority under subsection (2), after the end of the financial year together with a report in the prescribed form of an auditor appointed under section 47 on the account and balance-sheet and such other statements lodged under section 45(1).
(2)
Where an application for an extension of the period of 5 months specified in subsection (1) has been made by a licensed financial adviser to the Authority and the Authority is satisfied that there is any special reason for requiring the extension, the Authority may extend the period by not more than 4 months, subject to such conditions as the Authority may think fit to impose.
(3)
Notwithstanding any other provision of this Act or the provisions of the Companies Act (Cap. 50), the Authority may, if it is not satisfied with the performance of duties by an auditor appointed by a licensed financial adviser under section 47 —
at any time direct the licensed financial adviser to remove the auditor; and (b)direct the licensed financial adviser, as soon as practicable thereafter, to appoint another auditor,and the licensed financial adviser shall comply with such direction.
(4)
No person shall act as an auditor for any licensed financial adviser unless —
he has a place of business in Singapore; and (b)he is approved under section 9 of the Companies Act as a company auditor for the purposes of that Act.
(5)
Any licensed financial adviser which contravenes subsection (1)(b) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $500 for every day or part thereof that the lodgment is late, subject to a maximum of $50,000.
(6)
Any licensed financial adviser which contravenes any condition imposed under subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.
(7)
Any licensed financial adviser which contravenes subsection (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.
(8)
Any person who contravenes subsection (4) shall be guilty of an offence.