Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part X · Self-Regulatory Organizations
164. Financial statements of the self-regulatory organization
Feedback & supportWithin 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
financial year
“financial year” means the period not exceeding fifty-three weeks at the end of which the balance of the fund’s accounts is struck or, if no such balance is struck or if the period of fifty-three weeks for so doing is exceeded, the calendar year;
Act 1990.
The financial statements shall be audited by an auditor.
Where, in the course of his audit, the auditor of a self-regulatory organization has reason to believe that—
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;
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;
a financial crime has been, is being or is likely to be committed; or
serious irregularities have occurred, he shall forthwith report in writing the matter to the Authority.
Any report made under subsection (3) shall not constitute a breach of the duties of the auditor.