113.—(1) There is a serious breach if condition A, B, C or D is met.
(2) Condition A is that a period of account of a reporting fund exceeds 18 months.
(3) Condition B is that a reporting fund has used an accounting practice which—
(a)is not in accordance with international accounting standards, and
(b)has not been approved by HMRC (see regulations 53, 55 and 61).
(4) Condition C is that—
(a)a reporting fund fails, or its managers fail, to provide the information, particulars or documents within the time specified in a notice given under regulation 107(1), and
(b)there is no appeal against the notice within the time specified in regulation 107(6).
(5) Condition D is that—
(a)on an appeal against a notice given under regulation 107(1), the tribunal varies the notice,
(b)a reporting fund fails, or its managers fail, to provide the information, particulars or documents within the time specified in the notice (as so varied), and
(c)there is no appeal against the decision of the tribunal.