GENE 4.1.6 Notice of certain action against authorised firm
(1) If an authorised firm becomes aware of an event to which this rule applies, the firm must tell the Regulatory Authority about the event immediately, but within 1 business day.
See examples to rule 4.1.3(1) on the meaning of "within 1 business day".
(2) This rule applies to the following events:
(a) a civil proceeding is brought against the authorised firm and the amount involved is significant in relation to its financial resources or reputation;
(b) the firm is prosecuted for, or found guilty of, any offence involving fraud or dishonesty;
(c) a penalty is imposed on the firm for tax evasion.
|Editorial changes (as from 1st January 2016).|