Section 30: Audited financial statements

30. Audited financial statements (1) Subject to the other provisions of this section, a corporation licensed under this Act shall file with the Commission every year audited financial statements prepared in accordance with International Financial Reporting Standards. (2) A corporation holding a Category 2 Global Business Licence shall file with the Commission once in every year a financial summary in the form set out in the Ninth Schedule to the Companies Act. (3) (a) Except where otherwise required by the Commission or under any relevant Act, a corporation specified in subsection (1) shall file with the Commission audited financial statements within 6 months after the close of its financial year. (b) For the purposes of paragraph (a), “financial year” means— (i) in respect of its first financial year, for any period not exceeding 18 months from the date of its incorporation and in respect of every subsequent financial year, for a period not exceeding 12 months; or (ii) where there is a change in its financial year, for a period not exceeding 18 months. (4) A corporation holding a Category 1 Global Business Licence shall be deemed to comply with subsection (1) where the audited financial statements are prepared in accordance with such internationally recognised accounting standards as may be agreed with the Commission from time to time. (5) Notwithstanding any other enactment, the Commission may exempt any class of corporation holding— (a) a Category 1 Global Business Licence from the requirements of subsection (1); (b) a Category 2 Global Business Licence from the requirements of subsection (2), on such terms and conditions as may be specified in FSC Rules. [S. 30 amended by s. 17 (b) of Act 14 of 2009 w.e.f. 30 July 2009.] PART VI – PROTECTION OF CONSUMERS OF FINANCIAL SERVICES