On 21/05/2013,
you requested for the version in force on 21/05/2013
incorporating all amendments published on or before 21/05/2013.
The closest version currently available is that of 18/04/2013.
26.
—(1) If an auditor of an operator or a settlement institution of a designated payment system, in the course of the performance of his duties, becomes aware of —
(a)
any matter which, in his opinion, adversely affects or may adversely affect the financial position of the operator or settlement institution, as the case may be, to a material extent;
(b)
any matter which, in his opinion, constitutes or may constitute a breach of any provision of this Act or an offence involving fraud or dishonesty; or
(c)
any irregularity that has or may have a material effect upon the accounts of the operator or settlement institution, as the case may be, including any irregularity that affects or jeopardises, or may affect or jeopardise, the interests of the participants of the designated payment system,
the auditor shall immediately send to the Authority a written report of the matter or the irregularity.
(2) An auditor shall not, in the absence of malice on his part, be liable to any action for defamation at the suit of any person in respect of any statement made in his report under subsection (1).
(3) Subsection (2) shall not restrict or affect any right, privilege or immunity that the auditor may have, apart from this section, as a defendant in an action for defamation.
(4) The Authority may impose all or any of the following duties on an auditor of an operator or a settlement institution of a designated payment system:
(a)
a duty to submit to the Authority such additional information and reports in relation to his audit as the Authority considers necessary;
(b)
a duty to enlarge, extend or alter the scope of his audit of the business and affairs of the operator or settlement institution of the designated payment system, as the case may be;
(c)
a duty to carry out any other examination or establish any procedure in any particular case;
(d)
a duty to submit to the Authority a report on any matter arising out of his audit, examination or establishment referred to in paragraph (b) or (c),
and the auditor shall carry out such duties.
(5) The operator or settlement institution of the designated payment system shall remunerate the auditor in respect of the discharge by him of such duties as the Authority may impose under subsection (4).
(6) Any auditor of an operator or a settlement institution of a designated payment system who contravenes subsection (1) or fails to comply with any duty imposed under subsection (4) shall be guilty of an offence.
[SF Act, s. 81B]