INDI 3.3.2 What firm must do if individual ceases to perform controlled function

(1) If an authorised firm becomes aware that, for any reason (other than the withdrawal of the individual's approval by the Regulatory Authority), an approved individual is to cease to perform, or has ceased to perform, a controlled function that he or she is approved to perform, the firm must request the authority to withdraw the individual's approval to perform the function.
(2) The firm must make the request:
(a) at least 10 business days before the day on which the individual is to cease to perform the function; or
(b) if the request cannot be made as required by paragraph (a) — immediately after the firm becomes aware that the individual is to cease to perform, or has ceased to perform, the function, but within 2 business days after that time.

Examples — meaning of 'within 2 business days'
1 If the firm becomes aware, on a business day, that the individual will cease to perform the function, the firm must make the request immediately, but by no later than the next business day.
2 If the firm becomes aware, on a day that is not a business day, that he or she has ceased to perform the function, the firm must make the request immediately, but by no later than 2 business days after that day.
Derived from QFCRA RM/2014-5 (as from 1st January 2015)