Cap. 450 Art. 29Auditors and actuaries. Cap. 386. Cap. 386.

(1) Every auditor or actuary of a retirement fund or scheme shall have the duty to report immediately to the Authority any fact or decision of which it becomes aware in its capacity as auditor or as actuary of such retirement fund or scheme which -

(a) is likely to lead to a serious qualification of, or refusal to issue, the auditor’s or actuary’s report on such retirement fund or scheme; or

(b) constitutes or is likely to constitute a material breach of the legal or regulatory requirements applicable to a retirement fund or scheme in or under this Act; or

(c) seriously impairs the retirement fund’s or scheme’s ability to meet the current or future liabilities attributable to it; or

(d) relates to any other matter which may be prescribed.

(2) An auditor or an actuary of a scheme or a retirement fund shall report to the Authority any facts or decisions as specified in subarticle (1) of any person having close links with such scheme or retirement fund within the meaning in articles 7 and 8, of which he becomes aware in his capacity as auditor or actuary of the scheme or retirement fund or of the person having such close links.

(3) The matters which may be prescribed for the purpose of subarticle (1)(d) may include matters related to persons or entities other than a retirement fund or scheme, including but not limited to the administrator of a retirement fund or a scheme, or to an asset manager.

(4) Every defined benefit retirement scheme, which is an occupational scheme, other than one falling within a class or description as may be prescribed, shall appoint an auditor and an actuary.

(5) Without prejudice to the provisions of the Companies Act, the Authority may by directive -

(a) prescribe the class of persons who may act as auditors or actuaries on behalf of a retirement fund or scheme; or

(b) provide that the persons who may so act shall be -

(i) persons with professional qualifications or experience as may be prescribed; or

(ii) such other class or classes of persons as are approved by the Authority.

(6) Without prejudice to the provisions of the Companies Act, the Authority may by directive make provision relating to -documents available to the auditors or actuaries of a retirement fund or of a scheme.