THE CORPORATIONS LAW

CHAPTER 8 - THE FUTURES INDUSTRY

PART 8.5 - FINANCIAL STATEMENTS AND AUDIT

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SECTION 1220   AUDITOR TO REPORT TO COMMISSION IN CERTAIN CASES  

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1220(1)  [Auditor to report on prescribed matter]  

Where an auditor, in the performance of the duties of auditor of a futures broker, becomes aware of a prescribed matter, the auditor shall, within 7 days after becoming aware of that matter, lodge a written report on the matter and send a copy of the report to:

(a)  the broker;

(b)  each futures exchange of which the broker is a member and to each clearing house (if any) for that futures exchange; and

(c)  each futures association of which the broker is a member, unless the futures association is also a futures exchange of which the broker is a member.

1220(2)  [``prescribed matter'']  

In this section, ``prescribed matter'' means a matter that, in the opinion of the auditor:

(a)  has adversely affected, is adversely affecting, or may adversely affect, the ability of the futures broker to meet the broker's obligations as a broker;

(b)  constitutes or may constitute a contravention of section 1209, 1213 or 1214; or

(c)  constitutes or may constitute a contravention of a condition of a licence held by the futures broker.

 

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