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REC 3.23 Default

REC 3.23.1R

Where a UK RIE2 decides to put a member into default, it must immediately give notice of that event, and give the following information to the FCA2, at the same time as that decision is communicated to that member or to any other member (or group or class of them) of that body:

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  1. (1)

    the name of the member and (where relevant) the class of membership;

  2. (2)

    the reasons for that decision; and

  3. (3)

    the names of any other exchange,1 clearing house or auction platform 1on which, to the best of that UK RIE's2 knowledge, that member clears business or transacts for, or in respect of, its clients.2

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