2015 PuBLIC AccoUNTANTS AND AuDITORS AivfENDMENT (j) No.1 penalties for breaches of the regulations, not exceeding a fine of level seven or implisonment for a period of six months or both such fine and such imprisonment: Provided that in the case of regulations requiring non- independent accountancy professionals to be registered, the regulations may impose the same penalties as are provided in section 38 for unregistered persons. (3) Regulations shall not have effect until they have been approved by the Minister and published in the Gazette. 45 Transitional provisions (1) In this section- "commencement date" means the date of promulgation of this Act. (2) Notwithstanding anything to the contrary in Part ll, the t!rst members appointed to the Board by each associate constituent body need not be registered persons if they are appointed before the commencement date. (3) Notwithstanding section 38, a person who, on the commencement date, is qualified for registration as a general <tccountant or tax accountant may practise as such for a period not exceeding one hundred and eighty-one clays, or such longer period, not exceeding a further peliod of one hundred and eighty-one days, as the Minister may fix in a statutory instrument ("the transitional period"), from the cmrunencement date: Provided that any such person who continues to practise as a general accountant or tax accountant after the transitional period shall become liable for prosecution under section 38 unless he or she has earlier(a) applied for and been granted registration as a general accountant or tax accountant in accordance with Part III; or (b) applied for registration as a general accountant or tax accountant in accordance with Part III, and the app!ication has not yet been dete1mined on the date of expiry of the transitional period. (4) Notwithstanding the prescribing of a requirement under section 44(2)(i) for non- independent accountancy professionals to be registered, no such person shall be liable for any penalty prescribed for non-registration if, within a period of one hundred and eighty-one clays from date of publication of the regulations prescribing such requirement or such longer period as may be prescribed ("the transitional period"), he or she has earlier- 20 (a) applied for and been granted registration as a non-independent accountancy professional; or (b) applied for registration as a non-independent accountancy professionals, and the application has not yet been determined on the date of expiry of the transitional period.". insertion of new Schedule in Cap. 27:12 The principal Act is amenclecl by the insertion of the following Schedule, the existing Schedule becoming the First Schedule15