Section 23Part 3 — Mutual Fund Administration
Special audits of regulated mutual funds or regulated EU Connected F unds
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The Authority may, at any time, instruct a regulated mutual fund or a regulated EU Connected Fund to have its accounts au dited and to submit them to the Authority within such time as the Authority specifies.
The operator of a regulated mutual fund or a regulated EU Connected Fund shall ensure that an instruction given to the mutual fund or the EU Connected Fund in accord ance with subsection (1) is complied with within the specified time, and a person who contravenes this provision commits an offence and is liable on conviction to a fine of ten thousand dollars plus five hundred dollars in respect of each day after the spe cified time during which the regulated mutual fund or the regulated EU Connected Fund failed to comply with the instruction.