(1) This regulation applies to an employer who -
(a) provides regulated financial services,
(b) carries on regulated activities in reliance on the exemption in section 327 of FSMA 2000 (exemption from the general prohibition), or
(c) is a recognised investment exchange, a recognised clearing house, a recognised CSD or a third country central counterparty [Section 417(1) of the Financial Services and Markets Act 2000 contains definitions of "recognised investment exchange", "recognised clearing house" and "recognised CSD" for the purposes of that Act. Section 285(1) (d) of that Act defines "third country central counterparty" for the purposes of that Act.].
(2) The employer must have in place appropriate internal procedures for their employees to report, through an independent channel, contraventions or potential contraventions of an applicable provision.
(3) In this regulation -
"an applicable provision" has the same meaning as in regulation 44;
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