(1) The trustees of a scheme or trust RAC to whom approval has been granted or deemed to have been granted under section 151 shall ensure that the scheme or trust RAC is operated in a manner which is consistent with the social and labour law and information requirements of any relevant host Member State and a requirement, if any, under the law of any relevant Member State to appoint a depositary.
(2) Where -
(a)the competent authority of the host Member State, in pursuance of Article 11(10) of the Directive of 2016, inform the Pensions Authority that the trustees of the scheme or trust RAC are operating the scheme or trust RAC in a manner which is not consistent with -
(i) the requirements of social and labour law,
(ii) the information requirements, referred to in Title IV of the Directive of 2016, or
(iii) a requirement, if any, to appoint a depositary under the law,
of that host Member State, or
(b) it otherwise comes to the attention of the Board that the arrangement between the u
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