Cap. 403 Art. 56Communicationby auditors, etc., with the competent authority.

(1) No duty (including the duty of professional secrecy) to which -

(a) an auditor or an actuary of an undertaking; or

(b) a person appointed to make a report under article 30(1), may be subject, shall be regarded as contravened by reason of his communicating in good faith to the competent authority, whether or not in response to a request made by it, any information or opinion on a matter to which this article applies and which is relevant to any function of the competent authority under this Act.

(2) In relation to an auditor or an actuary of an authorised undertaking, this article applies to any matter falling within article 24.

(3) In relation to a person appointed to make a report under article 30(1), this article applies to any matter of which he becomes aware in his capacity as the person making the report which relates to the business or affairs of the undertaking in relation to which his report is made.

(4) If it appears to the competent authority that any accountants or class of accountants who are persons to whom sub-article (1) applies are not subject to satisfactory rules made or guidelines issued by a professional body specifying circumstances in which matters are to be communicated to the competent authority as mentioned in that sub-article, the competent authority may, after consultation with such bodies as appear to the competent authority to represent the interests of accountants and authorised undertakings, make rules for the purposes of this article, applying to those accountants and specifying such circumstances; and it shall be the duty of an accountant to whom the rules apply to communicate a matter to the competent authority in the circumstances specified by the rules.