Singapore legislation
Section 52
Section 52
Lodgment of annual accounts, etc., by licensed financial adviser
(1)
A licensed financial adviser must, 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 51 on the account and balance sheet and such other statements lodged under section 49(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)
Despite any other provision of this Act or the provisions of the Companies Act 1967, the Authority may, if it is not satisfied with the performance of duties by an auditor appointed by a licensed financial adviser under section 51 —
at any time direct the licensed financial adviser to remove the auditor; and
direct the licensed financial adviser, as soon as practicable thereafter, to appoint another auditor,and the licensed financial adviser must comply with such direction.
(4)
Any licensed financial adviser who 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 of a day that the lodgment is late, subject to a maximum of $50,000.
(5)
Any licensed financial adviser who 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.
(6)
Any licensed financial adviser who contravenes subsection (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.[48