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Banks Act, 1990 (Act No. 94 of 1990)

Notices

Designation of an Activity not Falling within the meaning of "The Business of a Bank"

Exemption Notice relating to Securitisation Schemes

15. Appointment of auditor

 

1) Conditions relating to the appointment of an auditor
a) The board of directors or the trustee, as the case may be, of a special-purpose institution established for purposes of a traditional or synthetic securitisation scheme shall appoint an auditor, who, in addition to his or her normal duties as auditor, shall be required-
i) to satisfy himself or herself that, on the basis of the information presented to him or her by the special-purpose institution, there shall be compliance with the relevant provisions of this Schedule with regard to the conduct of the traditional or synthetic securitisation scheme; and
ii) if such an auditor has so satisfied himself or herself, to furnish a statement to that effect, which statement shall be included in the disclosure document issued by the special-purpose institution with regard to the traditional or synthetic securitisation scheme, in accordance with the provisions of paragraph 16 of this Schedule.