ADVOKS GLOBAL · KENYA
The Capital Markets (Online Foreign Exchange Trading) Regulations
32. Appointment of an auditor
Edition: 2023-10-06 · In force
32. Appointment of an auditor
(1)The Authority may, in the interest of investors, appoint a qualified auditor to audit the books of accounts or investigate any affairs of an online foreign exchange broker or a money manager.(2)The Authority may direct that the costs associated with the investigation of the affairs of an online foreign exchange broker or money manager under paragraph (1) shall be borne by the online foreign exchange broker or money manager.(3)A shareholder, director, officer or employee of the online foreign exchange broker or money manager which is being audited or investigated shall produce, to the auditor, such books, accounts and other documents in his or her custody or control and furnish the auditor with such statements and information relating to foreign exchange transactions within the time as the auditor may require.(4)An online foreign exchange broker or a money manager shall—(a)allow the auditor reasonable access to the premises occupied by the online foreign exchange broker, money manager or by any other person acting on behalf of the online foreign exchange broker or money manager;(b)extend reasonable facilities to the auditor for the examination of any books, records, documents and computer data in the possession of the online foreign exchange broker, money manager or any other person; and(c)provide copies of documents or other materials which are, in the opinion of the auditor, relevant.(5)An auditor shall, in the course of an audit or investigation, be entitled to examine or record statements of any member, director, partner, proprietor or employee of an online foreign exchange broker or a money manager under audit or investigation.(6)A director, an officer or an employee of the online foreign exchange broker or a money manager under audit or investigation shall give the auditor all assistance which the licensee may reasonably be expected to give in connection with the audit or investigation.(7)The auditor shall have a right to request for bank statements from the bank at which the online foreign exchange broker or money manager maintains its office account and in the case of an online foreign exchange broker, the client account.