REC 3.17 Inability to discharge regulatory functions

REC 3.17.1R

Where, because of the occurrence of any event or circumstances, a UK recognised body is unable to discharge any regulatory function, it must immediately give the FCA 1notice of its inability to discharge that function, and inform the FCA:1

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  1. (1)

    what event or circumstance has caused it to become unable to do so;

  2. (2)

    which of its regulatory functions it is unable to discharge; and

  3. (3)

    what action, if any, it is taking or proposes to take to deal with the situation and, in particular, to enable it to recommence discharging that regulatory function.