Securities Commission (Amendment) Act 2011 · s 13

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13.
Amendment of section 31o
Section 31o of the principal Act is amended—
(a)	 in the shoulder note, by substituting for the words
“registration and renewal of registration” the words “registration, renewal of registration and recognition”;
(b)	 by substituting for subsection (1) the following subsection:
	 “(1)  For the purposes of this Act, an application for—
(a)	 registration or renewal of registration as a registered auditor; or
(b)	 recognition as a recognised auditor, shall be made to the Audit Oversight Board.”;
(c)	 by substituting for subsection (3) the following subsection:
	 “(3)  Subject to section 31p, the Audit Oversight
Board may—
(a)	 approve or refuse the registration of an applicant as a registered auditor or the renewal of registration of a registered auditor; or
(b)	 approve or refuse the grant of recognition of an applicant as a recognised auditor.”;
(d)	 by substituting for subsection (4) the following subsection:
	 “(4)  The Audit Oversight Board may, upon the—
(a)	 registration of an applicant as a registered auditor;

Securities Commission (Amendment)
(b)	 renewal of registration of a registered auditor;
or
(c)	 grant of recognition of an applicant as a recognised auditor, impose such conditions as it deems necessary or expedient and from time to time amend any such conditions or impose new or additional conditions.”; and
(e)	 in subsection (5), by substituting for the words “of the registration or renewal of registration,” the words
“imposed under subsection (4),”.

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s 13Amendment of section 31o

Section 31o of the principal Act is amended—

(a)

in the shoulder note, by substituting for the words

“registration and renewal of registration” the words “registration, renewal of registration and recognition”;

(b)

by substituting for subsection (1) the following subsection:

“(1) For the purposes of this Act, an application for—

(a)

registration or renewal of registration as a registered auditor; or

(b)

recognition as a recognised auditor, shall be made to the Audit Oversight Board.”;

(c)

by substituting for subsection (3) the following subsection:

“(3) Subject to section 31p, the Audit Oversight

Board may—

(a)

approve or refuse the registration of an applicant as a registered auditor or the renewal of registration of a registered auditor; or

(b)

approve or refuse the grant of recognition of an applicant as a recognised auditor.”;

(d)

by substituting for subsection (4) the following subsection:

“(4) The Audit Oversight Board may, upon the—

(a)

registration of an applicant as a registered auditor;

Securities Commission (Amendment)

(b)

renewal of registration of a registered auditor;

(c)

grant of recognition of an applicant as a recognised auditor, impose such conditions as it deems necessary or expedient and from time to time amend any such conditions or impose new or additional conditions.”; and

(e)

in subsection (5), by substituting for the words “of the registration or renewal of registration,” the words

“imposed under subsection (4),”.