Cap. 450 Art. 30Duty to report. Cap. 9. Cap. 12. Cap. 377.

(1) If a retirement fund director, retirement fund administrator or retirement scheme administrator, or the asset manager, auditor or actuary of any scheme or retirement fund knows, believes or otherwise suspects that -

(a) any duty relevant to the administration of the scheme or retirement fund imposed by any law on any person acting in connection with the scheme or retirement fund has not been or is not being complied with, and

(b) the failure to comply is likely to be of material significance in the exercise by the Authority of any of its functions, he must immediately give a written report of the matter to the Authority.

(2) A retirement fund director, retirement fund administrator or retirement scheme administrator, or the asset manager auditor or actuary of a retirement scheme or retirement fund shall not be regarded as having contravened his duties merely because he may have given any information or opinion contained in a written report under this article or under article 52.

(3) Saving the provisions of article 642(1) of the Criminal Code and of article 588(1) of the Code of Organization and Civil

Procedure, no duty, including any duty under the Professional Secrecy Act, to which any person is subject shall be regarded as contravened merely because of any information or opinion contained in a report made by such person under this article or under article 52.

(4) Any person who fails to comply with subarticle (1) shall be guilty of an offence.

(5) If it appears to the Authority that a retirement fund director, retirement fund administrator or retirement scheme administrator, or the asset manager, auditor or actuary of a scheme or retirement fund has failed to comply with subarticle (1), the Authority may by notice in writing, together with reasons for its decision, disqualify him from being the director, retirement fund administrator or retirement scheme administrator, or the asset manager, auditor or actuary of the scheme or retirement fund specified in the notice.

(6) A notice under subarticle (5) may specify the scheme or retirement fund to which the failure relates, schemes or retirement funds falling within any class or description of schemes or retirement funds or all schemes or retirement funds.

(7) The Authority may, on the application of any person disqualified under this article who satisfies the Authority that he actuary of a scheme or retirement fund who is disqualified under this article shall, while he is so disqualified, cease to be the retirement fund director, retirement fund administrator or retirement scheme administrator, or the asset manager, auditor or actuary of the scheme or the retirement fund specified in the notice disqualification.

(9) A person who, while he is disqualified under this article, purports to act as retirement fund director, retirement fund administrator or retirement scheme administrator, or as the asset manager, auditor or actuary of a scheme or retirement fund specified in the notice of disqualification shall be guilty of an offence.