Regulation 7 Amendment of regulation 16

For regulation 16(3) (account provider – withdrawal by Board of approval)^f1, substitute—

“(3)

The notice to which paragraph (1) refers must specify—

(a)

the disqualifying circumstances;

(b)

that the withdrawal shall only be effective from the date on which the last of the accounts has been transferred to another provider; and

(c)

that from the date of the notice, the account provider must not accept subscriptions or open any new accounts.”.

After regulation 16(4), insert—

“(5)

From the date of the notice, the account provider must not accept subscriptions or open new accounts.”.