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2.15.1 Statutory Audit Report for General Clearing Members

Without prejudice to such audit and/or reporting requirements as may be imposed by the Clearing House from time to time, a General Clearing Member shall furnish to the Clearing House within five (5) months of the end of its financial year or within such longer period as may be permitted in writing by the Clearing House, the relevant forms which a General Clearing Member is required to lodge in the prescribed format under Regulation 27(9) of the SFR (Financial and Margin Requirements), the annual accounts duly audited by, and the certificate of, its auditor or auditors who shall be a public accountant or a firm of public accountants acceptable to the Clearing House. The certificate shall pertain to the audit conducted by such auditor or auditors in respect of the financial year aforesaid and shall be in such form prescribed by the Relevant Regulatory Authority.

2.15.1.1 [Rule has been deleted.]
2.15.1.2 [Rule has been deleted.]
2.15.1.3 [Rule has been deleted.]
2.15.1.4 [Rule has been deleted.]

Reporting obligations of auditors

2.15.1.5 Where, in the performance of his or their duties, the General Clearing Member's auditor or auditors becomes or become aware:—
a. of any matter which in his or their opinion adversely affects or may adversely affect the financial position of the General Clearing Member to a material extent,
b. of any matter which in his or their opinion constitutes or may constitute a contravention of any provision of the SFA or this Rules, or an offence involving fraud or dishonesty,
c. of any irregularity that has or may have a material effect upon the accounts, including irregularities that jeopardise the moneys or other assets of any customer of the General Clearing Member, or
d. that the accounting system, internal accounting control and procedures for safeguarding moneys or other assets are inadequate and the inadequacies have a material effect on the accounts,
the auditor or auditors shall immediately report the matter to the Clearing House.

Amended on 27 March 200627 March 2006, 10 August 200710 August 2007 and 22 April 201922 April 2019.

2.15.1A Audit Report for Direct Clearing Members

Without prejudice to such audit and/or reporting requirements as may be imposed by the Clearing House from time to time, a Direct Clearing Member shall furnish to the Clearing House within five (5) months of the end of its financial year or within such longer period as may be permitted in writing by the Clearing House, the relevant forms which a Direct Clearing Member is required to lodge in the prescribed format under Rule 2.26, the annual accounts duly audited by, and the certificate of, its auditor or auditors who shall be a public accountant or a firm of public accountants acceptable to the Clearing House. The certificate shall pertain to the audit conducted by such auditor or auditors in respect of the financial year aforesaid and shall be in such form prescribed by the Relevant Regulatory Authority.

2.15.1A.1 [Rule has been deleted.]
2.15.1A.2 [Rule has been deleted.]
2.15.1A.3 [Rule has been deleted.]
2.15.1A.4 [Rule has been deleted.]

Reporting obligations of auditors

2.15.1A.5 Where, in the performance of his or their duties, the Direct Clearing Member's auditor or auditors becomes or become aware:—
a. of any matter which in his or their opinion adversely affects or may adversely affect the financial position of the Direct Clearing Member to a material extent,
b. of any matter which in his or their opinion constitutes or may constitute a contravention of any provision of this Rules or an offence involving fraud or dishonesty, or
c. of any irregularity that has or may have a material effect upon the accounts,
the auditor or auditors shall immediately report the matter to the Clearing House.

Added on 27 March 200627 March 2006 and amended on 10 August 200710 August 2007 and 22 April 201922 April 2019.

2.15.1B Audit Report for Bank Clearing Members

Without prejudice to such audit and/or reporting requirements as may be imposed by the Clearing House from time to time, a Bank Clearing Member shall furnish to the Clearing House within five (5) months of the end of its financial year or within such longer period as may be permitted in writing by the Clearing House, the annual accounts duly audited by, and the certificate of its auditor or auditors. The certificate shall pertain to the audit conducted by such auditor or auditors in respect of the financial year aforesaid and shall be in such form prescribed by the Relevant Regulatory Authority.

2.15.1B.1 [Rule has been deleted.]
2.15.1B.2 [Rule has been deleted.]
2.15.1B.3 [Rule has been deleted.]
2.15.1B.4 [Rule has been deleted.]

Reporting obligations of auditors

2.15.1B.5 Where, in the performance of his or their duties, the Bank Clearing Member's auditor or auditors becomes or become aware:—
a. of any matter which in his or their opinion adversely affects or may adversely affect the financial position of the Bank Clearing Member to a material extent,
b. of any matter which in his or their opinion constitutes or may constitute a contravention of any applicable provision of the SFA or this Rules or an offence involving fraud or dishonesty,
c. of any irregularity in the Bank Clearing Member's business governed by this Rules, that has or may have a material effect upon the accounts, including irregularities that jeopardise the moneys or other assets of any customer of the Bank Clearing Member, or
d. that the accounting system, internal accounting control and procedures for safeguarding moneys or other assets are inadequate and the inadequacies have a material effect on the accounts,
the auditor or auditors shall immediately report the matter to the Clearing House.

Added on 10 August 200710 August 2007 and amended on 22 April 201922 April 2019.

2.15.1C Audit Reports for Remote Clearing Members

Without prejudice to such audit and/or reporting requirements as may be imposed by the Clearing House from time to time, a Remote Clearing Member shall furnish to the Clearing House:

2.15.1C.1 within five (5) months of the end of its financial year or within such longer period as may be permitted in writing by the Clearing House, the management report and the annual accounts duly audited in accordance with the usual accounting standards of the Remote Clearing Member by, and the certificate of, its auditor or auditors who shall be a public accountant or a firm of public accountants acceptable to the Clearing House. The auditor's certificate shall be in such form prescribed by the Relevant Regulatory Authority.
a. [Rule has been deleted.]
b. [Rule has been deleted.]
c. [Rule has been deleted.]
d. [Rule has been deleted.]

Reporting obligations of auditors

e. where, in the performance of his or their duties, the Remote Clearing Member's auditor or auditors becomes or become aware:
i. of any matter which in his or their opinion adversely affects or may adversely affect the financial position of the Remote Clearing Member to a material extent;
ii. of any matter which in his or their opinion constitutes or may constitute a contravention of any provision of this Rules, the SFA and/or any applicable laws or an offence involving fraud or dishonesty;
iii. of any irregularity that has or may have a material effect upon the accounts, including irregularities that jeopardize the moneys or other assets of any customer of the Remote Clearing Member; or
iv. that the accounting system, internal accounting control and procedures for safeguarding moneys or other assets are inadequate and the inadequacies have a material effect on the accounts,
the auditor or auditors shall immediately report the matter to the Clearing House; and
2.15.1C.2 [Rule has been deleted.]

Added on 31 December 201331 December 2013 and amended on 22 April 201922 April 2019.

2.15.2 Internal Audit Report

A General Clearing Member, Remote Clearing Member or Bank Clearing Member shall cause its internal auditors to conduct an internal audit of its operations annually or at such times and within such scope as prescribed by the Clearing House and to submit a report of each internal audit conducted and the follow-up actions taken to the Clearing House by such time as may be prescribed by the Clearing House. Without prejudice to the foregoing, where the internal audit is conducted for a Bank Clearing Member, it shall be limited to the Bank Clearing Member's operations governed by this Rules.

Amended on 27 March 200627 March 2006, 10 August 200710 August 2007 and 31 December 201331 December 2013.