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UPDATE OF THE REPORTABLE IRREGULARITIES GUIDE
The update of the
Reportable Irregularities Guide
is in progress with proposed
changes arising from:
•
The Companies Act, 2008 and Regulations thereto;
•
The attorney’s interpretation of “fiduciary duty” in part (c) of the definition:
“represents a material breach of a fiduciary duty owed by such a person
to the entity or any partner, member, shareholder, creditor or investor of the
entity under any law applying to the entity or the conduct or management
thereof”; and
•
Updating of illustrative examples and case studies of reportable
irregularities.
The Reportable Irregularities Task Group met in February 2014 and will meet
again in April 2014 to finalise proposed changes to the
Reportable Irregularities
Guide
for consideration by the Board. The revised
Reportable Irregularities
Guide
is expected to be issued during the second half of 2014.
REPORTABLE IRREGULARITIES (RIs) RECEIVED:
Year to date
31 December 2013
Year ended
31 March 2013
Number of reports received and
files closed within 40 days
418
97% 630 93%
Number of 2nd reports received
late (after due date)
13
3% 46 7%
Total number of RIs received 431 100% 676 100%
Of the total number of RIs received:
Year to date
31 December 2013
Year ended
31 March 2013
Continuing
237
55% 418 62%
Not continuing
188
44% 257 38%
Did not exist
6
1% 1
0%
Total number of RIs received 431 100% 676 100%
REPORTABLE IRREGULARITIES