12.—(1) An operator of a scheme shall, at least once every 3 financial years, commission a review of its administration of the scheme by an independent party with the relevant expertise to conduct such a review.
(1A) The Authority may, subject to any conditions that it may impose, allow any review that is due to be commissioned under paragraph (1) to be conducted at a later time.
[S 290/2009 wef 29/06/2009]
(2) The operator shall ensure that all records and other information as may be required for the purpose of a review under paragraph (1) are retained for a period of not less than 5 years from the end of the financial year to which those records and other information relate.
(3) The operator shall consult the Authority on the terms of a review under paragraph (1).
(4) A review under paragraph (1) shall include a qualitative assessment of the operator’s operations and procedures during the period under review.
(5) The Authority may at any time, if satisfied that it is in the interests of the operator, the members of the scheme or the public to do so, require the operator to commission any other review of the administration of the scheme by an independent party with the relevant expertise to conduct such a review, on such terms as may be specified by the Authority.
(6) The operator shall furnish the results of a review —
(a)
under paragraph (1) or (5) to the Authority; and
(b)
under paragraph (1) to the members of the scheme.
(7) The operator shall bear the costs and expenses of a review under paragraph (1) or (5).