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REC 3.23 Default

REC 3.23.1RRP

Where a UK recognised body decides to put a member into default, it must immediately give notice of that event, and give the following information to the FSA, 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:

  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 or clearing house on which, to the best of that UK recognised body's knowledge, that member clears business or transacts for, or in respect of, its clients;

and as soon as practicable afterwards, give the FSA a summary of the member's open positions, margin liability, cash and collateral balances in respect of that member's accounts (including client accounts).