• MKT 10.2 MKT 10.2 Application in respect of a Public Listed Company

    • MKT 10.2.1 MKT 10.2.1

      This section applies to every Public Listed Company.

      • Guidance

        1. A Public Listed Company is defined in GLO to mean a person incorporated or formed in the ADGM and who is admitted to an Official List of Securities in the ADGM or to an equivalent list of Securities in another jurisdiction.
        2. A Public Listed Company is required under section 82 of the FSMR to appoint an auditor.

    • Appointment and termination of auditors

      • MKT 10.2.2

        A Public Listed Company must:

        (1) notify the Regulator of the appointment of an auditor by completing and submitting such form as the Regulator shall prescribe;
        (2) prior to the appointment of the auditor, take reasonable steps to ensure that the auditor has the required skills, resources and experience to audit the business of the Public Listed Company for which the auditor has been appointed; and
        (3) ensure that the auditor, at the time of appointment and for the duration of the engagement is registered with the Regulator as an auditor.

      • MKT 10.2.3

        A Public Listed Company must notify the Regulator immediately if the appointment of its auditor is or is about to be terminated, or on the resignation of its auditor, by completing and submitting such form as the Regulator shall prescribe.

      • MKT 10.2.4

        A Public Listed Company must appoint an auditor to fill any vacancy in the office of auditor and ensure that the replacement auditor can take up office at the time the vacancy arises or as soon as reasonably practicable.

      • MKT 10.2.5 MKT 10.2.5

        (1) A Public Listed Company must take reasonable steps to ensure that the auditor and the relevant audit staff of the auditor are independent of and not subject to any conflict of interest with respect to the Public Listed Company.
        (2) A Public Listed Company must notify the Regulator if it becomes aware, or has reason to believe, that the auditor or the relevant audit staff of the auditor are no longer independent of the Public Listed Company, or have a conflict of interest which may affect their judgement in respect of the Public Listed Company.

        • Guidance

          A Public Listed Company should consider whether there is any financial or personal relationship between it or any of its relevant Employees and the auditor or any of the relevant Employees of the auditor that may affect the judgement of the auditor when conducting an audit of the Public Listed Company or complying with all its legal obligations, including the FSMR, GEN, AML and other relevant modules of the ADGM Rulebook.

    • Co-operation with auditors

      • MKT 10.2.6

        A Public Listed Company must take reasonable steps to ensure that it and its Employees:

        (1) provide any information to its auditor that its auditor reasonably requires, or is entitled to receive as auditor;
        (2) give the auditor right of access at all reasonable times to relevant records and information within its possession;
        (3) allow the auditor to make copies of any records or information referred to in paragraph (2);
        (4) do not interfere with the auditor's ability to discharge its duties;
        (5) report to the auditor any matter which may significantly affect the financial position of the Public Listed Company; and
        (6) provide such other assistance as the auditor may reasonably request it to provide.

    • Function of the auditor

      • MKT 10.2.7

        A Public Listed Company, must in writing require its auditor to:

        (1) conduct an audit of the Public Listed Company's financial statements in accordance with the International Standards on Auditing as issued by the International Auditing and Assurance Standards Board (IAASB) in respect of its financial business or other standards acceptable to the Regulator; and
        (2) produce a Public Listed Company auditor's Report on the audited financial statements in accordance with the FSMR and GEN.

      • MKT 10.2.8

        A Public Listed Company must submit any auditor's reports and financial statements required by this chapter to the Regulator within four months of the Public Listed Company's financial year end.