49. Amendment of section 31z

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Section 31z of the principal Act is amended—

(a)

in paragraph (1)(b), by substituting for the words “subsection 31o(4)” the words “this Part”;

(b)

in subsection (2)—

(i)

in paragraph (a), by substituting for the words

“subsection 31o(4)” the words “this Part”;

(ii)

by substituting for paragraphs (f) and (g) the following paragraphs:

“(f) prohibit the person concerned from accepting any public interest entity or schedule fund as its client or preparing reports in relation to financial information of any public interest entity or schedule fund, as may be required under the securities laws or guidelines issued by the Commission, for a period not exceeding twelve months;

(g)

prohibit the person concerned from auditing financial statements or preparing reports in relation to financial information of a public interest entity or schedule fund, as may be required under the securities laws or guidelines issued by the Commission, for a period not exceeding twelve months or permanently; and”;

Securities Commission (Amendment)

(c)

in paragraph (3)(b), by substituting for the words “subsection 31o(4)” the words “this Part”; and

(d)

in subsection (4), by inserting after the words “public interest entity” the words “or schedule fund”.

Report

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