Regulation 31 Early termination: temporary management accounts
(1)
Paragraph (2) applies where—
(a)
a termination notice provides for an early termination;
(b)
a financial institution holds a temporary management account; and
(c)
the termination notice is not withdrawn.
(2)
Where this paragraph applies, the Secretary of State must give notice to a financial institution which holds a temporary management account that from a date stated in the notice, subject to regulation 32, the account ceases to be a temporary management account.
(3)
The date stated in the notice under paragraph (2) must be no later than the termination date.
(4)
A notice under paragraph (2) must be given as soon as possible after the termination notice is given.