(1) The Pensions Authority shall require every scheme and trust RAC registered under section 60 to have in place -
(a) sound administrative procedures,
(b) sound accounting procedures, and
(c) adequate internal control mechanisms.
(2) Where the Pensions Authority makes a decision to prohibit or restrict the activities of a scheme or trust RAC, it shall set out in that decision detailed reasons for it and shall notify the scheme or trust RAC concerned of that decision and without prejudice to the generality of the foregoing, such decision includes a direction under section 152.
(3) Without prejudice to the generality of subsection (2), the Pensions Authority shall notify EIOPA where it has -
(a) revoked an authorisation under section 150, or
(b) given a direction under section 152(2).