AI Summary of 53K. Notification of regulatory own funds status.
The trustees of a scheme or a trust RAC are required to notify the Board when their scheme or trust RAC transitions to a regulatory own funds scheme or trust RAC. This notification must be submitted on or before the regulatory own funds notification date, in accordance with section 53N.
The notification deadlines vary: for existing schemes as of 23 September 2010, it is within 6 months of the implementation of Chapter 2 of Part 4 of the Social Welfare and Pensions Act 2011. For schemes commencing post this date, notification is due either within 4 weeks of commencement or the Act's implementation, whichever is later.
53K. Notification of regulatory own funds status.
(1) Subject to section 53N, the trustees of a scheme or trust RAC which becomes a regulatory own funds scheme or a regulatory own funds trust RAC shall so notify the Board on or before the regulatory own funds notification date.
(2) Subject to section 53N, the regulatory own funds notification date shall be:
(a) in the case of a relevant scheme or trust RAC which on 23 September 2010 was a regulatory own funds scheme or a regulatory own funds trust RAC, not later than 6 months after the date on which Chapter 2 of Part 4 of the Social Welfare and Pensions Act 2011 comes into operation;
(b) in the case of a relevant scheme or trust RAC which commences after 23 September 2010 and which from the relevant scheme's or trust RAC's commencement is a regulatory own funds scheme or regulatory own funds trust RAC -
(i) not later than 4 weeks after the date of commencement of the relevant scheme or trust RAC, or