Securities and Futures Act 2001 · 2020 Revised Edition · Part 11 · Investor Compensation Scheme
180. Accounts of fund
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An approved exchange must establish and keep proper accounts of its fidelity fund and must, within 5 months from the last day of each financial year of that exchange, cause a balance sheet in respect of such accounts to be made out as at the last day of that financial year.
approved exchange
“approved exchange” means a corporation that is approved by the Authority under section 9(1)(a) as an approved exchange;
The approved exchange must appoint an auditor to audit the accounts of the fidelity fund.
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;
The auditor appointed by the approved exchange must —
regularly and fully audit the accounts of the fidelity fund; and
audit each balance sheet and cause it to be laid before the exchange not later than 3 months after the balance sheet was made out.