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Version status: Revoked | Document consolidation status: Updated to reflect all known changes
Version date: 1 July 2023 - onwards
  Version 3 of 3    

Regulation 42 Own funds breaches or potential breaches

Revoked from 1 July 2023

(1) A fund administrator shall, at all times, be in a position to demonstrate compliance with its own funds requirement.

(2) A fund administrator shall immediately notify the Bank if any of the following situations arise:

(a) the fund administrator breaches its own funds requirement;

(b) a change in the fund administrator's financial position means that it is likely that the fund administrator will breach its own funds requirement in the future;

(c) the amount by which the fund administrator's own funds exceeds its own funds requirement reduces by 20 per cent.

(3) In relation to paragraphs (2)(a) and (2)(b), the fund administrator shall, at the same time as notifying the Bank, take any necessary steps to rectify its own funds position.

Comparing proposed amendment...