(1) Where a former authorised investment firm is the subject of any termination process, the person responsible is, from the date of the commencement of that process, subject to -
(a) the obligations that were imposed on the firm by these Regulations, in the firm's previous capacity as an authorised investment firm, and
(b) any codes of conduct, rules of conduct, client money requirements and other conditions and requirements that were imposed on the firm by the Bank under these Regulations, in the firms previous capacity as an authorised investment firm,
until all the obligations of the firm have been discharged to the satisfaction of the Bank.
(2) The obligations imposed on a person responsible under paragraph (1) are additional to the obligations of that person during the termination process.
(3) Notwithstanding paragraph (1), if the Bank considers it appropriate in the circumstances, the Bank, on giving notice in writing to the person responsible for a former authorised invest