Section 164
Financial statements of the self-regulatory organization
of Labuan Financial Services and Securities Act 2010
Within six months of the end of each financial year the self-regulatory organization shall file with the Authority a copy, certified by the secretary as a true copy, of the financial statements of the self-regulatory organization for that year prepared and audited in accordance with Part VI of the Labuan Companies
Act 1990.
(2)
The financial statements shall be audited by an auditor.
(3)
Where, in the course of his audit, the auditor of a self-regulatory organization has reason to believe that—
(a)
there has been a material adverse change in the risks inherent in the business of a self-regulatory organization with the potential to jeopardize the ability of the self-regulatory organization to continue as a going concern;
(b)
the self-regulatory organization may be in contravention of this Act, any regulations made under this Act, any guidelines issued by the Authority or any directions issued by the Authority;
(c)
a financial crime has been, is being or is likely to be committed; or
(d)
serious irregularities have occurred, he shall forthwith report in writing the matter to the Authority.
(4)
Any report made under subsection (3) shall not constitute a breach of the duties of the auditor.