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  • 98. Registration and conditions and restrictions

    (1) The DFSA shall make Rules setting out the criteria a person must meet to become and remain registered by the DFSA as a Registered Auditor or as an Audit Principal.
    (2) An application to be registered as an Audit Principal shall be made jointly by the Registered Auditor and the person who will be the Audit Principal if registration is granted.
    (3) The DFSA may:
    (a) grant or refuse to grant an application for registration as a Registered Auditor or Audit Principal; and
    (b) impose restrictions and conditions upon the registration.
    (4) Upon granting registration as a Registered Auditor or as an Audit Principal, the DFSA shall inform the applicant of that fact and whether there are any restrictions or conditions imposed upon the registration.
    (5) A Registered Auditor and an Audit Principal shall act within the scope of the relevant registration and comply with any restrictions and conditions imposed upon such registration.
    (6) The DFSA may at any time by notice to a Registered Auditor or Audit Principal, as appropriate:
    (a) impose restrictions or conditions on the registration of that Registered Auditor or that Audit Principal; and
    (b) vary or withdraw restrictions or conditions imposed on such registration.
    (7) The DFSA may act under Article 98(6) on its own initiative or at the request of the Registered Auditor or Audit Principal.
    (8) The procedures in Schedule 3 apply to a decision of the DFSA under this Article to refuse to grant an application for registration or to impose or vary conditions and restrictions on any registration. If a power is being exercised in relation to an Audit Principal, the DFSA shall give both the Audit Principal and its Registered Auditor an opportunity to make representations under those procedures.
    (9) If the DFSA decides to exercise its power under this Article to refuse to grant an application for registration or to impose or vary conditions or restrictions on any registration, the applicant or Registered Auditor or Audit Principal may refer the matter to the FMT for review.