COBS 14.4.8 Notification to the Regulator

Past version: effective from 21/10/2015 - 20/10/2015
To view other versions open the versions tab on the right

(a) On the Failure of a Third Party with which Client Money is held, the Authorised Person must notify the Regulator:
(i) as soon as it becomes aware of the Failure of any bank, intermediate broker, settlement agent, OTC counterparty or other entity with which it has placed, or to which it has passed, Client Money; and
(ii) as soon as reasonably practical, whether it intends to make good any shortfall that has arisen or may arise and of the amounts involved.