In forceUpdated to 15 Oct 2022Read it in Bahasa Malaysia

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Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part XI · Appeals

174. External auditor

(1)

Every licensed entity shall appoint an external auditor annually before such date or within such period as may be specified by the Authority.

(2)

The Authority may maintain a list of auditors for the purpose of this section.

(3)

An auditor appointed under subsection (1) shall carry out an audit of the accounts of the licensed entity in respect of its business operations and shall submit a report of such audit together with his comments on the accounting system and controls of the licensed entity to the participants of the licensed entity and to the Authority.

(4)

The Authority may, at any time, require an auditor appointed under this section to submit to the Authority such clarifications in relation to his audit as the Authority may specify.

Labuan Financial Services and Securities 169

(5)

An auditor shall immediately report to the Authority if, in the course of his duties as an auditor of a licensed entity, he is satisfied that—

(a)

there has been a contravention of the provisions of any

Part of this Act or that an offence under any written laws has been committed by the licensed entity or any of its employees; or

(b)

any irregularity which jeopardizes the interests of policy owners, in the case of a licensed entity under Part V, or creditors of the licensed entity, or any other serious irregularity, has occurred.

(6)

Any person who contravenes subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding five years or to both.

Terms defined in this Act

Authority
Defined · s 2
“Authority” means the Labuan Financial Services Authority established under section 3 of the Labuan Financial Services Authority Act 1996;
Open s 2
Labuan
Defined · s 2
“Labuan” means the Federal Territory of Labuan;
Open s 2
licensed entity
Defined · s 2
“licensed entity” means a person licensed or registered to carry on any activity under any Part;
Open s 2
person
Defined · s 2
“person” includes a corporation, partnership, a body of persons, corporate or unincorporated and a corporation sole;
Open s 2
policy
Defined · s 101
“policy” means an insurance policy and includes a cover note or any written contract of insurance whether or not embodied in or evidenced by an instrument in the form of an insurance policy; and any reference to a policy of an insurer includes a reference to any policy in respect of which the insurer is under any liability, whether the policy was issued by the insurer or the liability was transferred to the insurer from another insurer;
Open s 101
ringgit
Defined · s 2
“ringgit” means a ringgit in the currency of Malaysia;
Open s 2
securities
Defined · s 2
“securities” means any investments commonly known or capable of being described as securities, and includes— (a) shares, debentures, funds, units, interests in a limited partnership or limited liability partnership or unit trust or foundation or protected cell company or corporation; (b) debentures, bonds or notes of or issued by any body (incorporated or unincorporated), government, local government or public authority; *NOTE—The Exchange Control Act 1953 has since been repealed by the Financial Services Act 2013 which comes into operation on 30 June 2013—see sections 271 and 272…
Open s 2
specify
Defined · s 2
“specify”, where no mode is mentioned, means specify from time to time in writing, and a power to specify includes the power to specify differently for different persons or different classes, categories or descriptions of persons;
Open s 2

Report

Read on from s 175

174. External auditor

Terms defined in this Act

Schedules