S.L. 618.1 Art. 6Unsatisfactory completion of the compliance review.

(1) The compliance review shall not be satisfactorily completed and consequently, the transferred deposit liabilities shall not be released if:

(a) the transferred depositor or, where the transferred depositor is a body corporate, a body of persons, or any other form of legal entity or arrangement, anyone acting on its behalf fails to provide, without reasonable justification, the information and, or documentation requested by the Fund or required under the Act or these regulations;

(b) the transferred depositor or, where the transferred depositor is a body corporate, a body of persons, or any other form of legal entity or arrangement, anyone acting on its behalf fails to satisfy, without reasonable justification, any such condition as may be determined by the Fund in accordance with regulation 4(1);

(c) the transferred depositor or, where the transferred depositor is a body corporate, a body of persons, or any other form of legal entity or arrangement, anyone acting on its behalf furnishes the Fund with information which is false, inaccurate or misleading; and, or

(d) the transferred depositor is the subject of a sanction.

(2) Where the Fund decides that the compliance review has not been satisfactorily completed on any of the grounds mentioned in sub-regulation (1), it shall state in the notification to be issued in accordance with article 19(6) of the Act, the grounds on which such decision is based.