(1) A fund administrator shall have in place, and document in writing, an own funds plan that includes profit and loss and balance sheet projections for a forward looking period of not less than 3 years.
(2) A fund administrator shall ensure that the own funds plan referred to in paragraph (1) -
(a) takes account of the results of the assessments required under Regulation 44,
(b) is updated, on at least an annual basis, and
(c) is approved by the board of directors of the fund administrator (or equivalent in the case of a partnership or other unincorporated body of persons).