Regulation 23 Effect of non-compliance: modifications

regulation 62 were renumbered as paragraph (1) of that regulation;

at the beginning of paragraph (1) as so renumbered, there were inserted “Subject to paragraph (2),”; and

after paragraph (1) as so renumbered, there were inserted—

“(2)

A is to be treated as having complied with this Part if—

(a)

at any time during the standstill period, A has not provided credit cover in accordance with regulation 59;

(b)

regulation 59(1C)^f1 applies to A; and

(c)

A provides applicant credit cover in accordance with regulation 59(5A)^f2.”.