Securities and Futures Act 2001 · 2020 Revised Edition · Part 3 · Clearing Facilities
73A. Auditors of approved clearing houses to report certain matters and irregularities to Authority
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If an auditor of an approved clearing house, in the course of performing the auditor’s duties mentioned in section 73(4) or (5), becomes aware of any matter or irregularity mentioned in the following paragraphs, the auditor must immediately send to the Authority a written report of that matter or irregularity:
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;
any matter that, in the auditor’s opinion, adversely affects or may adversely affect the financial position of the approved clearing house to a material extent;
any matter that, in the auditor’s opinion, constitutes or may constitute a breach of any provision of this Act or an offence involving fraud or dishonesty;
any irregularity that has or may have a material effect upon the accounts of the approved clearing house, including any irregularity that affects or jeopardises, or may affect or jeopardise, the funds or property of investors.
An auditor of an approved clearing house is not, in the absence of malice on the auditor’s part, liable to any action for defamation at the suit of any person in respect of any statement made in the auditor’s report under subsection (1).
approved clearing house
“approved clearing house” means a corporation that is approved by the Authority under section 51(1)(a) as an approved clearing house;
Subsection (2) does not restrict or affect any right, privilege or immunity that the auditor of an approved clearing house may have, apart from this section, as a defendant in an action for defamation.