AI Summary of 64O. Obligations of registered administrator following notification from Board.
Under section 64I, upon notification from the Board regarding termination or non-renewal of registration, the affected individual must promptly inform the trustees of each associated scheme or trust RAC. This notice must detail the content of the Board's notification.
Furthermore, if the registration is terminated or not renewed, the individual is obliged to transfer all pertinent information related to the schemes or trusts they administered within two months. This transfer should be directed by the trustees to a nominated registered administrator or directly to the trustees themselves.
64O. Obligations of registered administrator following notification from Board.
(1) Subject to section 64I, where a person has been notified by the Board -
(a) that its registration is terminated,
(b) that its registration is not renewed, or
(c) that the Board has imposed conditions on the operations of the person as a registered administrator,
the person shall immediately notify in writing the trustees of each scheme or trust RAC of which the person is the registered administrator that it has received a notice from the Board and the content of that notice.
(2) If a person has been notified by the Board that -
(a) its registration is terminated, or
(b) its registration is not renewed,
it shall, not more than two months from the date of the notification, transfer all information held by it relating to each scheme or trust RAC of which it was the registered administrator, as directed by the trustees of that scheme or trust RAC, to such other registered administrator as is nominated by the trustees or to the trustees.