127. Application of Part 10

(1) This Part does not apply to a Company that is exempt from these Regulations under any applicable AIFC Regulations.

(2) The requirements of this Part about accounts and audit apply in relation to each financial year of a Company.

128. Waiver etc. by the Rules

(1) The Rules may extend, exclude waive or modify the application of the provisions of this Part in relation to a specific Person or class of Persons.

(2) Without limiting subsection (1), the Rules may make provision for or in relation to the following:

• (a) the inclusion in accounts of group accounts dealing with the affairs of a Company and its Subsidiaries;
• (b) the inclusion in accounts of a report by the Directors dealing with prescribed matters;
• (c) the accounting standards or principles to be applied in the preparation of accounts, including the following:

(i) the creation or adoption of 1 or more accounting standards or principles, or codes of practice;

(ii) which of, and how, prescribed accounting standards or principles may apply to particular Companies and in particular circumstances;

(iii) periods in which an accounting standard or principle may apply;

• (d) the extending or shortening of a financial year in certain circumstances, including to facilitate synchronisation of accounts;
• (e) the appointment, qualifications, remuneration, removal, resignation, rights and duties of Auditors;
• (f) the creation or adoption of auditing standards or codes of practice;
• (g) the waiver of the requirement for the preparation of accounts and examination and reporting on accounts by Auditors.

(3) The provisions of this section are subject to section 195 (Waivers and modifications of certain provisions).