Section 133
of Securities Markets Regulations, 2015
Section 133
(2)
An operator of a collective investment scheme must immediately notify the Authority if the appointment of the auditor is or is about to be terminated, or on the resignation of the collective investment scheme's auditor, giving the reasons for the cessation of the appointment.
(3)
An operator of a collective investment scheme must appoint an auditor to fill any vacancy in the office of the auditor and ensure that the replacement auditor can take up office at the time the vacancy arises or as soon as reasonably practicable.
(4)
An operator of a collective investment scheme must take reasonable steps to ensure that the relevant auditor's audit staff are independent of and not subject to any conflict of interest with respect to the operator, the trustee or the collective investment scheme.
(5)
An operator of a collective investment scheme or a trustee must notify the Authority if it becomes aware, or has reason to believe, that the relevant audit staff of the auditor are no longer independent of the operator, the trustee or the collective investment scheme, or have a conflict of interest which may affect their judgment in ~espect of the collective investment scheme and take immediate steps to rectify the situation.
(6)
If, in the opinion of the Authority, an auditor appointed by an operator of a collective investment scheme is not suitable or where an auditor has not been appointed, the Authority may direct an operator to replace or appoint an auditor to the collective investment scheme in accordance with the requirements in this
Chapter.
Co-operation with auditor.