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PIB A4.3.18

If An Authorised Firm becomes aware after it has received approval to use own-estimate haircuts that it no longer complies with any of the requirements in Rules PIB A4.3.17 to PIB A4.3.23 or any of the conditions or restrictions imposed by the DFSA pursuant to PIB Rule A4.3.17 or no longer meets the Rules, it must

(a) inform the DFSA as soon as practicable;
(b) assess the effect of the situation in terms of the risk posed to the Authorised Firm;
(c) prepare a plan to rectify the situation and inform the DFSA of its plan as soon as practicable; and
(d) undertake prompt corrective action within a reasonable time in accordance with the plan prepared pursuant to (c).
Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]