PART 9Administration of the scheme

Security and identities70

1

A participant must not allow an individual to operate its compliance account on its behalf unless the administrator has notified it that it is satisfied as to the identity of that individual.

2

The administrator must take reasonable steps to check the identity of—

a

any such individual; and

b

the intended account holder of the compliance account.

3

The administrator may determine27—

a

to prevent or suspend any individual from operating a compliance account where it has reason to believe that evidence of the individual’s identity may be incorrect or incomplete;

b

to refuse to open a compliance account where the administrator has not been able to satisfy itself of the identity of—

i

an individual whom the participant intends will operate that account on its behalf; or

ii

the intended account holder of that account,

and the administrator has given the participant a reasonable opportunity to provide suitable and up to date evidence of such identity.