53L. Failure to satisfy funding standard, technical provisions requirement or regulatory own funds requirement.

(1) Where -

(a)

(i) in accordance with section 43, the trustees of a regulatory own funds scheme submit an actuarial funding certificate which certifies that at the effective date of the certificate the regulatory own funds scheme does not satisfy the funding standard, or

(ii) in accordance with section 53G, the trustees of a regulatory own funds trust RAC submit a regulatory own funds trust RAC technical provisions certificate which certifies that at the effective date of the certificate the regulatory own funds trust RAC does not satisfy the technical provisions requirement,

or

(b) in accordance with section 53J or 53M, the trustees of a regulatory own funds scheme or regulatory own funds trust RAC submit a regulatory own funds certificate which certifies that at the regulatory own funds certification date the regulatory own funds scheme or regulatory own funds trust RAC does not satisfy the regulatory own funds requirement,

they shall submit to the Board a proposal (in this Part ref

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