GENE 9.7.4 Direction to replace auditor [effective from 6th December 2009]

(1) This rule applies if:
(a) the Regulatory Authority considers that a person appointed as auditor for an authorised firm that is a QFC entity is not suitable to be, or to continue to be, auditor for the firm; or
(b) the person's appointment contravened rule 9.7.3A.
(2) The Regulatory Authority may, by written notice, direct the authorised firm to end the person's appointment as auditor and to appoint another auditor for the firm.
(3) The authorised firm must comply with the direction within the period stated in the direction or, if no period is stated, within a reasonable period.
(4) The Regulatory Authority must give the person a copy of the notice.
(5) The notice must:
(a) give, or be accompanied by, reasons for the direction; and
(b) state that the authorised firm or person (or both) may appeal to the Regulatory Tribunal against the decision to give the direction.
Amended by QFCRA RM/2018-1 (as from 1st May 2018).