Accounting and Corporate Regulatory Authority Act 2004

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3 Establishment and incorporation of Accounting and Corporate Regulatory Authority

5 Constitution of Authority

6 Functions of Authority

7 Powers of Authority

8 Directions by Minister

9 Appointment of committees and delegation of powers

10 Chief Executive, officers and employees, etc.

11 Protection from personal liability

12 Funds and property of Authority

13 Application of moneys

16 Power of investment

19 Issue of shares, etc.

21 Transfer to Authority of property, assets and liabilities

22 Transfer of employees

23 Service rights, etc., of transferred employees to be preserved

24 Existing contracts

25 Misconduct or neglect of duty by employee before transfer

26 Interpretation of this Part

27 Establishment of electronic transaction system

28 Requirement to use electronic transaction system and agents for use

29 Evidence of transaction on electronic transaction system

30 Electronic transaction system malfunction, errors and omissions

31 Registered filing agents

32 Registered qualified individuals

33 Appeal to Minister

34 Interest for non‑payment and recovery of financial penalty

35 Regulations for this Part

36 Symbol or representation of Authority

37 Use of name, etc., of Authority

39 Powers of enforcement

40 Offences committed by bodies corporate, etc.

41 Proceedings conducted by officers of Authority

42 Preservation of secrecy

43 Jurisdiction of District Court

44 Composition of offences

45 Amendment of Schedules

Accounting and Corporate
Regulatory Authority
Act 2004

2020 REVISED EDITION

This revised edition incorporates all amendments up to and including 1 December 2021 and comes into operation on 31 December 2021

An Act to establish and incorporate the Accounting and Corporate Regulatory Authority, to provide for its functions and powers, and for matters connected therewith.

[1 April 2004]

PART 1

PRELIMINARY

Short title

1. This Act is the Accounting and Corporate Regulatory Authority Act 2004.

Interpretation

2.—(1) In this Act, unless the context otherwise requires —

“Authority” means the Accounting and Corporate Regulatory Authority established under section 3;

“Chairperson” means the Chairperson of the Authority appointed under section 5(1)(a) and includes any temporary Chairperson of the Authority;

“Chief Executive” means the Chief Executive of the Authority, and includes any individual acting in that capacity;

“debenture” includes debenture stock;

“Deputy Chairperson” means any person who is appointed under section 5(3)(a) to be the Deputy Chairperson of the Authority;

“member” means a member of the Authority;

“Public Accountants Board” means the Public Accountants Board established under section 3 of the Accountants Act (Cap. 2, 2001 Revised Edition) repealed by the Accountants Act 2004;

“Registry of Companies and Businesses” means the Government department known as the Registry of Companies and Businesses;

“securities”, in relation to a company, includes shares, debentures, bonds and other securities of the company, whether or not constituting a charge on the assets of the company;

“shares” includes stocks.

[5/2018; 44/2018]

(2) A reference in this Act to a written law specified in the Second Schedule includes a part of a written law specified in that Schedule.

[44/2018]

(3) To avoid doubt, a reference to “company” in the definition of “securities” in subsection (1), and in section 7(2)(b), includes a VCC as defined in the Variable Capital Companies Act 2018.

[44/2018]

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