Regulation 29 Revocation of investor registration

After regulation 59 insert—

“59A.

(1)

Where the Authority is satisfied that—

(a)

there has been a serious or repeated failure by an RI to comply with an ongoing obligation;

(b)

there has been a failure by the RI to comply with a notice under regulation 58(2); or

(c)

the RI has become an RI wholly or partly as a result of the provision of information which was incorrect in a material particular,

the Authority may revoke the RI’s investor registration.

(2)

Before revoking an RI’s investor registration the Authority must send the RI a notice specifying—

(a)

the reason for the intended revocation, including details of the respect in which the RI has failed to comply with an ongoing obligation or details of the incorrect information;

(b)

an explanation of the effect of the revocation; and

(c)

details of the RI’s right of review.

(3)

Where an investor’s RI status has been revoked the Authority—

(a)

must cease payment of all RHI payments to that investor;

(b)

must remove that investor from the central register;

(c)

must inform all participants who nominated that investor under regulation 22E(1) of the revocation and the effect of the revocation; and

(d)

may reject any further investor applications by that investor.”.