AI Summary of Schedule 1A Relevant orders: Notification requirements
Section 15A outlines the notification obligations for entities and individuals under relevant orders. Non-individual entities must designate an 'authorised individual' within three days of the order's commencement, ensuring compliance through timely updates if changes occur. Individuals, likewise, are required to notify specified persons of relevant information within the same timeframe and to report any changes promptly.
Failure to comply with these obligations constitutes an offence under English law, potentially leading to fines or imprisonment, depending on the nature and severity of the breach. It is integral for compliance personnel to ensure that all notifications are accurate and timely to mitigate legal risks.
Schedule 1A Relevant orders: Notification requirements
Notification requirements for persons other than individuals
(1) Where a person other than an individual is subject to a relevant order that person (“P”) must, within the period of three days beginning with the first day on which any provision of the order comes into force, notify the specified person of the name of an authorised individual.
(2) In this paragraph “authorised individual” means an individual who -
(a) is authorised by P to communicate with the specified person in relation to P’s compliance with the order, and
(b) has consented to act in that capacity.
(3) P may, at any time after notifying the specified person of the name of an authorised individual under this paragraph, notify the specified person of the name of a replacement authorised individual.
(4) Where an individual whose name is notified by P under this paragraph ceases to be an authorised individual P must, within the period of 28 days beginning with the day on which the individual ceases to be an authorised individual, notify the specified person of the name of a replacement authorised individual.