International Banking Act - Vanuatu Financial Services Commission

LAWS OF THE REPUBLIC OF VANUATU
INTERNATIONAL BANKING
(e)
(f)
the licensee is unable to confirm that the claims of creditors are adequately
covered by the licensee’s assets; or
the licensee has failed to comply with a directive or guideline issued by the
Reserve Bank under Part 3.
(4) If an auditor contravenes subsection (3), the auditor is guilty of an offence punishable on
conviction by a fine not exceeding $50,000.
(5) No civil, criminal or disciplinary proceedings lie against an auditor arising from the
disclosure in good faith of information to the Reserve Bank pursuant to this section.
36. Licensee to provide Reserve Bank with report
(1) After consultation with a licensee including about costs, the Reserve Bank may, by notice
in writing, require the licensee to provide the Reserve Bank with a report, prepared by its
approved auditor or a person nominated by the Reserve Bank on all or any of the
following:
(a)
(b)
(c)
(d)
an opinion on asset quality;
adequacy of provisions for losses;
adequacy of the accounting and control system;
such other matters as the Reserve Bank determines.
(2) No civil, criminal or disciplinary proceedings lie against an auditor arising from the
disclosure in good faith of information to the Reserve Bank pursuant to this section.
37. Audit conducted in accordance with international standards
A foreign incorporated licensee is exempt from sections 34 and 35 if:
(a)
(b)
(c)
the licensee obtains a report on the annual financial statements of the licensee made by a
duly qualified auditor in accordance with the laws of the country in which the licensee is
incorporated; and
a copy of that report, the audited financial statements of the licensee and the report of the
directors of the licensee is provided to the Reserve Bank as soon as practicable; and
the Reserve Bank is satisfied that the audit has been carried out in accordance with
international auditing standards.
38. Disclosure of information by Reserve Bank and persons authorised by it
(1) Subject to subsections (2) and (3), each of the following:
(a)
(b)
(c)
(d)
the Reserve Bank;
an employee or officer of the Reserve Bank;
an examiner;
any other person acting under the authority of the Reserve Bank;
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