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  • MAE-4.5 MAE-4.5 Additional Powers of the CBB in Respect of Auditors

    • MAE-4.5.1

      If an auditor of a licensed exchange or licensed market operator in the course of the performance of his duties becomes aware of:

      (a) Any matter which in his opinion, adversely affects or may adversely affect the financial position of the licensed exchange or licensed market operator to a material extent;
      (b) Any matter which in his opinion, constitutes or may constitute a breach of the CBB Law and regulations or an offence involving fraud or dishonesty; or
      (c) Any irregularity that has or may have a material effect upon the accounts of the licensed exchange or licensed market operator, including any irregularity that affects or jeopardises or may affect or jeopardise, the funds or property of investors in securities or futures contracts,

      the auditor shall immediately send to the CBB a written report of the matter or the irregularity.

      Amended: April 2016

    • MAE-4.5.2

      An auditor of a licensed exchange or licensed market operator shall not be, in the absence of malice on his part, liable to any action for defamation at the suit of any person in respect of any statement made in his report under Paragraph MAE-4.5.1.

    • MAE-4.5.3

      Paragraph MAE-4.5.2 shall not restrict or affect any right, privilege or immunity that the auditor of a licensed exchange or licensed market operator may have as a defendant in an action for defamation.

    • MAE-4.5.4

      The CBB may impose all or any of the following duties on an auditor of a licensed exchange or licensed market operator:

      (a) A duty to submit such additional information and reports in relation to his audit as the CBB considers necessary;
      (b) A duty to enlarge, extend or alter the scope of his audit of the business and affairs of the licensed exchange or licensed market operator;
      (c) A duty to carry out any other examination or establish any procedure in any particular case;
      (d) A duty to submit a report on any matter arising out of his audit, examination or establishment of procedure referred to in Paragraph MAE-4.5.4 (b) or (c), and the auditor shall carry out such duties.

    • MAE-4.5.5

      The licensed exchange or licensed market operator shall remunerate the auditor in respect of the discharge by him of all or any of the duties referred to in Paragraph MAE-4.5.4.