Section 20Part 3 — Mutual Fund Administration
Licensed mutual fund administrators to have annual audit
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A licensed mutual fund administrator shall have its accounts audited annually by an auditor approved by the Authority, and a person who contravenes this provision commits an offence and is liable on conviction to a fine of twenty thousand dollars.
A licensed mutual fund administrator shall, in such man ner as the Authority may from time to time direct, send its audited accounts in respect of a financial year of the administrator to the Authority within six months of the end of that financial year or within such extension of that period as the Authority m ay allow, and a person who contravenes this provision commits an offence and is liable on conviction to a fine of twenty thousand dollars. 21. Approval to be sought to appointment of director, etc., of licensed mutual fund administrator 21 . A licensed mu tual fund administrator shall not appoint a director or similar senior officer, or a general partner, as the case may be, unless —
the Authority ’ s written approval to the appointment has been obtained; or
the Authority has exempted the administrato r from the obligation to obtain the Authority ’ s approval, and a person who contravenes this provision commits an offence and is liable on conviction to a fine of twenty thousand dollars.