• Part 15: Part 15: Appointment of Auditors and Actuaries

    • Article 88 - Appointment of Auditors and Actuaries

      (1) The Regulatory Authority may make Rules which require an Authorised Firm or an Authorised Firm falling within a particular class, to appoint an Auditor or an Actuary, if it is not already subject to a separate requirement to do so.
      (2) The Regulatory Authority may make such Rules regarding:
      (A) the appointment, term of office, registration or removal of Auditors or Actuaries;
      (B) the qualification or approval of Auditors or Actuaries;
      (C) the duties, functions and powers of Auditors or Actuaries;
      (D) the scope, content and timing of any reports, reviews or audits to be undertaken by Auditors or Actuaries;
      (E) the approval by the Regulatory Authority of Auditors or Actuaries;
      (F) the remuneration of Auditors or Actuaries;
      (G) the notification or reporting obligations of Auditors or Actuaries (whether to the relevant Authorised Firm, the Regulatory Authority or otherwise); and
      (H) such other related or ancillary matters the Regulatory Authority thinks fit.
      (3) An Auditor or Actuary to whom any such Rules made by the Regulatory Authority apply shall comply with and have such rights and powers as are prescribed by such Rules.
      (4) Any decision taken by the Regulatory Authority permitting the Regulatory Authority to remove, disqualify or refuse to approve an Auditor or Actuary may be referred to the Appeals Body by the Auditor or Actuary affected.

    • Article 89 - Disclosure of Information

      (1) An Auditor or Actuary which is, or has been, appointed by an Authorised Firm under Article 88(1) (or any other Law or Regulation) or has knowledge of an Authorised Firm by virtue of its appointment as an Auditor or Actuary to any Person with whom an Authorised Firm has Close Links and any director, officer, employee, agent or contractor of an Auditor or Accountant so appointed:
      (A) must disclose to the Regulatory Authority anything that suggests that the Authorised Firm has or may have contravened, or may be about to contravene, any Law, Regulations or Rules; or
      (B) may inform the Regulatory Authority (whether or not in response to a request from the Regulatory Authority) of any matter concerning the Authorised Firm and give his opinion in respect of any such matter (provided that he is acting in good faith and he reasonably believes that the information is relevant to any functions of the Regulatory Authority and the proper functioning of the Authorised Firm);
      and will not contravene any duty to which he is subject merely by giving the Regulatory Authority such information.
      (2) Article 89(1) shall not apply to the extent that making such a disclosure or providing such information or opinion would result in disclosure of a Protected Item.
      (3) No Person shall be subject to detriment, loss or damage purely by reason of his acting in such a way that causes or assists an Auditor or Actuary:
      (A) to comply with its obligation to make a disclosure to the Regulatory Authority under Article 89(1)(A); or
      (B) to exercise its rights to inform the Regulatory Authority of or give an opinion in respect of any matter as provided in Article 89(1)(B).
      Amended by QFC Reg 2010-2 (as from 9th December 2010)

    • Article 90 - Rights and obligations affecting Auditors and Actuaries

      (1) An Authorised Firm, or any director, officer, employee, agent or contractor of the Authorised Firm shall co-operate with Auditors or Actuaries appointed pursuant to Article 88 in the fulfilment of their respective duties as such.
      (2) An Auditor of, or an Actuary acting for, an Authorised Firm under 88(1):
      (A) has a right of access at all times to the Authorised Firm's books, accounts and material records; and
      (B) is entitled to require from the Authorised Firm's officers such information and explanations as he reasonably considers necessary for the performance of his duties as Auditor or Actuary.
      (3) Any provision in an agreement between an Authorised Firm and an Auditor or Actuary or director, officer agent or contractor of an Authorised Firm which is inconsistent with their respective obligations under this Part shall be void.

    • Article 91 - Resignation of Auditors and Actuaries

      Where an Auditor or Actuary ceases for any reason to be appointed by the Authorised Firm under Article 88, the Auditor or Actuary must:

      (1) notify the Regulatory Authority of that fact without delay;
      (2) notify the Regulatory Authority of any matter connected with its ceasing to act for the Authorised Firm, which it thinks ought to be drawn to the Regulatory Authority's attention; or
      (3) if there is no such matter as described in Article 91(2), notify the Regulatory Authority of that fact.
      Amended by QFC Reg 2010-2 (as from 9th December 2010)

    • Article 92 - Contravention

      A Person commits a contravention of these Regulations if he:

      (1) knowingly or recklessly:
      (A) gives an Auditor or Actuary appointed pursuant to Article 88 information which the Auditor or Actuary requires, or is entitled to require, which is false or misleading in a material particular; or
      (B) omits to give an Auditor or Actuary information where the omission of such information is likely to mislead or deceive; or
      (2) destroys or conceals information, documents and records when he knows, or ought reasonably to know, that such conduct would or could result in such Auditors or Actuaries being unable to fully and effectively fulfil their functions under this Part.