(1) A fund administrator shall have in place, and document in writing, a wind down plan that sets out how the fund administrator would wind down in an orderly fashion in the event of failure.
(2) The plan referred to in paragraph (1) shall-
(a) include estimates of the own funds and liquidity required for the fund administrator to wind down in an orderly fashion within a defined time period,
(b) be updated at least on an annual basis, and
(c) be approved by the board of directors of the fund administrator (or equivalent in the case of a partnership or other unincorporated body of persons).