s 35G Revocation or suspension of registration by Authority
35G.—(1) A designated entity must inform the Authority, within the period specified by the Authority, of every complaint received, investigation undertaken, disciplinary or other action taken, penalty imposed or other order made by the designated entity in respect of any member of the designated entity who is registered with it as a chartered accountant. (2) The Authority may, at any time, review any matter concerning any contravention or alleged contravention by any member of a designated entity registered as a chartered accountant of any code of professional conduct, standards or ethics applicable to chartered accountants under the membership rules of the designated entity where the designated entity —(a) did not take any disciplinary or other action against the member in respect of the contravention or alleged contravention; or (b) having taken such action, suspends the member’s registration under section 35F(4), or imposes any lesser penalty or makes any other order provided for under its membership rules. (3) Subject to subsections (4) and (5), if, upon a review under subsection (2), the Authority is satisfied that —(a) any member of a designated entity registered as a chartered accountant has contravened any code of professional conduct, standards or ethics applicable to chartered accountants under the membership rules of the designated entity; and (b) there exists cause of sufficient gravity for revoking the registration of the chartered accountant, the Authority may revoke the member’s registration as a chartered accountant. (4) Subject to subsection (5), the Authority may, instead of revoking the registration of a chartered accountant under subsection (3) —(a) in a case where the designated entity has suspended the registration under section 35F(4), extend the suspension of the registration for a period not exceeding 10 months in the aggregate; or (b) in any other case, suspend the registration for a period not exceeding 10 months. (5) Before revoking, suspending or extending the suspension of the registration of any person as a chartered accountant under this section, the Authority must give the person written notice of its intention to do so and an opportunity to submit reasons, within the period specified by the Authority in that notice, as to why the registration should not be revoked or suspended or why the suspension of the registration should not be extended. (6) The Authority may require any person who appears to the Authority to have information that is relevant to the performance of its functions or the exercise of its powers under this section to provide the Authority with all such information, and any person required to provide the information must provide it in the manner and within the period specified by the Authority. (7) To avoid doubt, the Authority —(a) is not under any obligation to review any matter, or take any action in respect of any matter, under this section; and (b) may, at any time, discontinue the review of any matter, or any action taken in respect of any matter with a view to revoking or suspending, or extending the suspension of, the registration of any chartered accountant, under this section.[Act 36 of 2022 wef 01/04/2023]