IBANK 8.4.19 Obligation to notify Regulatory Authority if LCR requirement not met
(1) An Islamic banking business firm must notify the Regulatory Authority in writing immediately (but within 3 business days) if the firm ceases to meet its LCR requirement (or becomes aware of circumstances that may result in its ceasing to meet that requirement).
(2) In the notification the firm must clearly explain:
(a) why it ceased to meet, or thinks it may cease to meet, the requirement;
(b) when it expects to again be able to meet the requirement; and
(c) what it has done, and will do, to ensure that it meets the requirement in future, or continues to meet it, as the case requires.
|Inserted by QFCRA RM/2018-2 (as from 1st May 2018).|