Regulation 117 Reporting fund not complying with requirements
(1)
This regulation applies if—
(a)
a reporting fund gives a notice under regulation 116, and
(b)
the fund has not complied with all requirements imposed in this Part for all periods during which it was a reporting fund.
(2)
For the purposes of these Regulations the fund is treated as a fund to which regulation 114 has applied and not as a fund to which regulation 116 has applied.