IMEB 2.1.4 Obligation to tell Regulatory Authority about breach of part 2.1
If a firm becomes aware, or has reasonable grounds to believe, that it is or may be (or may be about to be) in breach of any provision of this part, it must—
(a) tell the Regulatory Authority orally about the matter immediately, but within 1 business day; and
(b) by notice given to the authority by no later than the next business day, confirm the oral notification; and
(c) not make any distribution to its shareholders or members, whether by way of dividends or otherwise, without the authority's written permission.
Note Business day and written are defined in the glossary.
|Derived from QFCRA RM/2011-3 (as from 1st July 2011)|