AI Summary of Article 146 Measures to be taken where the requirements of this Chapter cease to be met
In the event that an institution fails to meet regulatory requirements, it is imperative that the institution promptly informs the competent authority. Furthermore, it must either present a compliance recovery plan that satisfies the authority and is executed within an agreed timeframe or demonstrate that the consequences of its non-compliance are negligible.
This dual strategy ensures that institutions maintain transparency and accountability while working towards reinstating compliance, thereby fostering a culture of regulatory adherence and risk management within the sector.
Article 146 Measures to be taken where the requirements of this Chapter cease to be met
Where an institution ceases to comply with the requirements laid down in this Chapter, it shall notify the competent authority and do one of the following:
(a) present to the satisfaction of the competent authority a plan for a timely return to compliance and realise this plan within a period agreed with the competent authority;
(b) demonstrate to the satisfaction of the competent authorities that the effect of non-compliance is immaterial.