Investment Intermediaries Act, 1995
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PART V Auditors | ||
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Notification of changes of auditor. |
32.—(1) A supervisory authority may impose a requirement in writing on an authorised investment business firm— | |
(a) to notify the supervisory authority at least 15 days— | ||
(i) before notices are sent to shareholders concerning the proposed appointment or re-appointment of a person to the office of auditor of an authorised investment business firm for the purposes of the Companies Acts, or | ||
(ii) before the directors of an authorised investment business firm fill any casual vacancy in the office of auditor by virtue of section 160 (7) of the Companies Act, 1963 , | ||
of the name of the person to be so proposed, to be re-appointed or to fill that vacancy, | ||
(b) to supply, within such period of time as the supervisory authority shall state, such information as it may request concerning the person named for the purpose of paragraph (a) of this subsection. | ||
(2) Where a supervisory authority is of the opinion that it would not be in the best interest of investors or in the interests of the proper and orderly regulation and supervision of investment business firms, it may direct, as the circumstances require, that an authorised investment business firm does not appoint or re-appoint to the office of auditor or that the directors do not fill a casual vacancy in the office with a named person and the direction shall be complied with. | ||
(3) Where a supervisory authority gives a direction under subsection (2) of this section that an authorised investment business firm shall not re-appoint a person to the office of auditor the person who has not been re-appointed may apply to the Court for an order to set aside the direction of the supervisory authority. |