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(a)

the resignation of an external auditor; or

(b) the removal of the external auditor by the licensed financial institution or licensed financial holding company.

Request for copies of reports 65. The Central Bank may request copies of reports submitted to the board of a licensed financial institution or a licensed financial holding company by both its internal and external auditors. 66. An external auditor shall report to the Central Bank on any matter it is required to report on any licensed financial institution or licensed financial holding company to any investigative, regulatory or other institution, simultaneously with its report to the licensed financial institution or licensed financial holding company. 67. No external auditor shall be liable for breach of any duty solely by reason of compliance with the provisions of this Part or any other request for information by the Central Bank. External auditor to report to Central Bank No liability for breach of duty

68. (1)

Failure to comply with request

A licensed financial institution or a licensed financial holding company which fails to comply with a request under paragraph (b) of subsection (2) of section 61 is liable to a penalty of one hundred thousand dollars for each failure.

(2) Any director or officer responsible for a failure to comply with a request under paragraph (b) of subsection (2) of section 61 is liable to a penalty of one hundred thousand dollars for each failure.

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