99. Appointment and removal of auditors

Past version: effective up to 28/11/2006
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(1) The appointment of a firm as an auditor of an Authorised Firm or an Authorised Market Institution is taken to be an appointment of all persons who are partners of the firm.
(2) An Authorised Firm or an Authorised Market Institution shall:
(a) at each annual general meeting appoint an auditor to hold office from the conclusion of that meeting to the conclusion of the next annual general meeting; or
(b) at the beginning of each financial year appoint an auditor to hold office until the beginning of the next financial year.
(3) An Authorised Firm or an Authorised Market Institution which is granted a License after the beginning of a financial year must appoint an auditor who shall hold office to the conclusion of that financial year.
(4) An Authorised Firm or the Authorised Market Institution may fill any casual vacancy in the office of auditor and fix the auditor's remuneration.
(5) An Authorised Firm or the Authorised Market Institution shall not appoint an auditor under this Article unless:
(a) the auditor has, prior to the appointment, consented in writing to the Authorised Firm or the Authorised Market Institution; and
(b) the Authorised Firm or the Authorised Market Institution is not, on reasonable inquiry, aware of any matter which should preclude the auditor from giving his consent under Article 99(6).
(6) An auditor shall not consent to an appointment as an auditor of an Authorised Firm or an Authorised Market Institution if:
(a) the auditor has, or may reasonably be perceived to have, a conflict of interest of a nature prescribed in the Rules;
(b) the auditor does not have, or may reasonably be perceived not to have, a requisite degree of independence from the Authorised Firm or the Authorised Market Institution as prescribed in the Rules; or
(c) the auditor or any Associate of the auditor in a firm or business undertaking has acted as an auditor of the Authorised Firm or the Authorised Market Institution within such earlier period of frequency as prescribed in the Rules.
(7) An Authorised Firm or an Authorised Market Institution may at any time remove an auditor notwithstanding anything in any agreement between it and the auditor.
(8) The Court may, on application made by the DFSA, order the removal of an auditor from an Authorised Firm or an Authorised Market Institution.
(9) Nothing in this Article is to be taken as depriving an auditor removed under it of compensation or damages payable to the auditor in respect of the termination of appointment as auditor.