(1) The auditor’s report referred to under regulation 2 (1) (d) shall be prepared by an auditor appointed by the applicant.

(2) The report shall be in writing and addressed to the applicant.

(3) The report shall be submitted to the Authority on or before the date that the Authority may specify.

(4) The auditor’s report shall

(a) state whether or not the applicant has complied with the prescribed capital requirements; and

(b) include other observations, elaborations, qualifications or explanations as the auditor considers necessary.

(5) Where the Authority requires an applicant to rectify a matter relating to  observations, elaborations, qualifications or explanations, the applicant shall submit to the  Authority, before the end of a period specified by the Authority a second report prepared  by the same auditor who prepared the first report.

(6) The second report shall state whether or not the matter relating to the observations, elaborations, qualifications or explanations included by the auditor in the written report has been addressed by the applicant.