PART 3PRUDENTIAL SUPERVISION AND PASSPORTING

Safeguarding

Power of the Authority to exclude assets23

In exceptional circumstances the Authority may determine that an asset that would otherwise be secure and low-risk for the purposes of paragraph (2) of regulation 21 by virtue of paragraph (6) of that regulation is not such an asset provided that—

a

the determination is based on an evaluation of the risks associated with the asset, including any risk arising from the security, maturity or value of the asset; and

b

there is adequate justification for the determination.