Clause 24

in subsection (1), replace “subsection (2)” with “subsections (1A), (2) and (3)”;

after subsection (1), insert —“(1A) The Oversight Committee must not, unless it thinks there are special reasons to do so, refer a complaint to the Registrar for review, and must dismiss the complaint, if the complaint is made to the Oversight Committee after the following date:

where the complaint relates to any fraud alleged to have been committed by a public accountant, an accounting corporation, an accounting firm or an accounting LLP — the date of expiry of 6 years after the earliest date on which the complainant discovered the alleged fraud or could with reasonable diligence have discovered the alleged fraud;

in any other case — the date of expiry of 6 years after the date of the conduct on which the complaint is based.”; and

replace subsection (3) with —“(3) The Oversight Committee need not refer any complaint or information to the Registrar for review where the complaint or information relates to any matter set out in section 15(1) or 31(1) or (2), and in such a case, the Registrar may act in accordance with that provision instead.(3A) The Oversight Committee need not refer any complaint or information to the Registrar for review where the complaint or information relates to any matter set out in section 15(4) or 31(5), and the Oversight Committee may act in accordance with that provision instead.”.