Section 26Part 3 — Mutual Fund Administration
Special audits of licensed mutual fund administrators
←→ Navigate · Click subsection badges to collapse · Press ? for help
The Authority may, at any time, instruct a licensed mutual fund administrator to have its accounts audited and to submit them to the Authority within such reasonable time as the Authority specifies.
A licensed mutual fund administrator shall comply with an instruction given to it under subsection (1), and a person who contravenes this p rovision 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 specified time during which the mutual fund administrator failed to comply with the instruction.