Regulation 6 Consequences of end of specification

(1)

If the Secretary of State gives notice to a specified person under regulation 5(3)(a), the Secretary of State may, either before or after (or both before and after) the specification ends—

(a)

exercise the functions of the specified person arising by virtue of these Regulations;

(b)

transfer rights and liabilities of the specified person arising by virtue of these Regulations to—

(i)

the Secretary of State; or

(ii)

another specified person.

(2)

The Secretary of State may transfer some rights and liabilities under paragraph (1)(b) to the Secretary of State and some to another specified person.

(3)

The specified person to whom notice is given under regulation 5(3)(a) must—

(a)

disclose all its rights and liabilities arising by virtue of these Regulations to the Secretary of State;

(b)

co-operate with the Secretary of State and any other specified person for the purpose of ensuring an audit of an opted in authority is not adversely affected.