INMA 2.1.6 Firm to notify authority

(1) If an INMA firm becomes aware, or has reasonable grounds to believe, that the firm has breached, or is about to breach, a requirement of these rules:
(a) it must notify the Regulatory Authority orally about the matter immediately, but within 1 business day;
(b) it must confirm the oral notification by notice to the authority by no later than the next business day; and
(c) it must 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 writing are defined in the glossary.
(2) In particular, an INMA firm must notify the authority as soon as practicable of:
(a) any breach (or foreseen breach) of the firm's obligation to maintain a particular level of net liquid assets; or

Note For the requirement to maintain a particular level of net liquid assets — see rule 3.3.4.
(b) any concern (including because of prospective losses) about whether its financial resources are adequate.
(3) The firm must also notify the authority of any measures taken or planned to deal with any breach, prospective breach or concern.
Derived from QFCRA RM/2014-4 (as from 1st January 2015).