REC 3.17 Inability to discharge regulatory functions
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
11- (1)
what event or circumstance has caused it to become unable to do so;
- (2)
which of its regulatory functions it is unable to discharge; and
- (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.