Account provider ceasing to qualifyU.K.
20.—(1) A person shall cease to qualify as an account provider and shall notify the Board within 30 days of the relevant event in sub-paragraphs (a) to (f), of that relevant event, where—
(a)the person no longer fulfils the conditions of regulation 14;
(b)in the case of an individual, he becomes bankrupt, or the subject of a bankruptcy restrictions order or an interim bankruptcy restrictions order or, in Scotland, his estate is sequestrated;
(c)he makes any arrangement or composition with his creditors generally;
(d)in the case of a company, a resolution has been passed or a petition has been presented to wind it up;
(e)in the case of a building society, a person falling within section 840A(1)(b) of the Taxes Act or a relevant European institution—
(i)it ceases to be a building society or to fall within section 840A(1)(b) of the Taxes Act or to be a relevant European institution, as the case may be;
(ii)its directors have made a proposal under Part 1 of the Insolvency Act 1986 M1 for a composition in satisfaction of its debts or a scheme of arrangement of its affairs; or
(iii)a receiver or manager of its property has been appointed; or
(f)in the case of a European institution, a relevant authorised person or an assurance undertaking which falls within regulation 14(2)(d)(iv), action corresponding to any described in sub-paragraph (b) to (e) has been taken by or in relation to the institution, person or undertaking under the law of an EEA State.
(2) On giving the notice referred to in paragraph (1), the person shall also notify the registered contact (or, if there is no registered contact, the named child) of the right to transfer the account under regulation 21, and the notice shall inform the recipient of the rights under paragraph (3).
(3) Where a registered contact—
(a)receives a notice under paragraph (2), or regulation 19(1), and
(b)within 30 days of the sending of the notice, transfers the account to another account provider pursuant to regulation 21,
the period between the transferor ceasing to act or qualify as an account provider, and the transfer to the transferee, shall be ignored in determining whether the account has at all times been managed by an account provider.
Marginal Citations