Section 42
Section 31p of the principal Act is amended—
of Securities Commission (Amendment) Act 2015
Amendment ActIn forceProvision 42 of 67
Section 42
(a)
in the shoulder note, by deleting the words “, renew registration”;
(b)
in subsection (1)—
(i)
by deleting the words “or the renewal of registration of a registered auditor”; and
(ii)
by deleting the words “or the registered auditor”;
and
(a)
the registration of an applicant as a registered auditor; or
(b)
to grant recognition of an applicant as a recognized auditor, the Audit Oversight Board shall give the applicant an opportunity to be heard by serving a written notice on the applicant stating the grounds for such refusal.”.
Amendment of section 31q
(c)
by substituting for subsection (2) the following subsection:
“(2) Where the Audit Oversight Board refuses—