Cap 588 s 40 Initiating enquiry concerning relevant non-compliance (FINANCIAL REPORTING COUNCIL ORDINANCE)

Contents of Section

Chapter:	588	Title:	FINANCIAL REPORTING COUNCIL ORDINANCE	Gazette Number:	L.N. 104 of 2007
Section:	40	Heading:	Initiating enquiry concerning relevant non-compliance	Version Date:	16/07/2007

(1) If it appears to the Council that there is or may be a question whether or not there is a relevant non-compliance in relation to a listed entity, and the Council certifies in writing to that effect—

(a) the Council may, for the purpose of enquiring into the non-compliance or the question, exercise the powers under Division 2; or

(b) the Council may appoint a Financial Reporting Review Committee consisting of—

(i) a Panel Convenor appointed under section 39(2), who is to be the Chairman of the Review Committee; and

(ii) at least 4 other members of the Review Panel,

to enquire, with those powers, into the non-compliance and the question.

(2) On making an appointment under subsection (1)(b), the Council shall notify the listed entity in writing of the names of the members of the Review Committee.
(3) The Council shall, on making an appointment under subsection (1)(b), specify the terms of reference of the Review Committee, and the Committee shall act in accordance with those terms.
(4) If a Review Committee is appointed to make an enquiry concerning a relevant non-compliance, the Council shall not, for the purpose of enquiring into the non-compliance or the question whether or not there is such a non-compliance, exercise the powers under Division 2.