Securities and Futures Act 2001 · 2020 Revised Edition · Part 5 · Books, Customer Assets and Audit
107. Lodgment of annual accounts, etc.
Feedback & supportA holder of a capital markets services licence must, in respect of each financial year —
capital markets services licence
“capital markets services licence” means a licence that is granted by the Authority under section 86 to a person to carry on a business in any regulated activity;
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 an auditor’s report on the account and balance sheet.
Where an application for an extension of the period of 5 months specified in subsection (1) has been made by a holder of a capital markets services licence to the Authority and the Authority is satisfied that there is any special reason for requiring the extension, the Authority may extend that period by not more than 4 months, subject to such conditions or restrictions as the Authority thinks fit to impose.
Any holder of a capital markets services licence which contravenes subsection (1), 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 fine of $50,000.
Any holder of a capital markets services licence 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.
Despite any other provision of this Act or any other written law, the Authority may, if it is not satisfied with the performance of duties by an auditor appointed by a holder of a capital markets services licence —
auditor
“auditor” means a public accountant who is registered or deemed to be registered under the Accountants Act 2004 and, in Division 1 of Part 13, when used in relation to an entity not being a company, includes —(a)a person who is duly registered, licensed, approved or otherwise authorised to practise as an auditor (such practice to include the issue of any opinion, report or other document on the audit of any financial statement) —(i)under the laws of the place where the entity is formed or constituted; or(ii)under the laws of the place of his or her practice, if the auditing standards that are or will be applied to the financial statements of the entity are —(A)auditing standards commonly applied in that place; or(B)international auditing standards (by whatever name called); or(b)such other person as the Authority may approve in any particular case to be an auditor for such entity;
at any time direct the holder to remove the auditor; and
direct the holder, as soon as practicable thereafter, to appoint another auditor,and the holder must comply with such direction.