53F.—The standards referred to in section 53C(2), in the case of a person who performs a pre-approval controlled function in relation to a regulated financial service provider or any other function by which the person may exercise a significant influence on the conduct of a regulated financial service provider’s affairs, are—

(a) that the business of the regulated financial service provider is controlled effectively,

(b) that the business of the regulated financial service provider is conducted in accordance with its obligations under financial services legislation,

(c) that any delegated tasks are assigned to an appropriate person with effective oversight, and

(d) that any information of which the Bank would reasonably expect notice in respect of the business of the regulated financial service provider is disclosed promptly and appropriately to the Bank, including information relevant to, or giving rise to a suspicion or expectation of, any of the following:

(i) commission of an offence by the regulated financial service provider or a person performing a controlled function in relation to it;

(ii) commission of a prescribed contravention or any other breach of obligations under financial services legislation by the regulated financial service provider or a person performing a controlled function in relation to it;

(iii) concealment or deliberate destruction of evidence relating to a matter referred to in subparagraph (i) or (ii);

(iv) provision of false or misleading information to the Bank relating to a matter referred to in subparagraph (i) or (ii);

(v) obstruction or impeding of an investigation relating to a matter referred to in subparagraph (i) or (ii);

(vi) commencement of legal proceedings by or against the regulated financial service provider arising from its obligations under financial services legislation;

(vii) commencement of legal proceedings against the regulated financial service provider which may impact on its ability to continue to trade;

(viii) anything that may otherwise interfere significantly with the operation of the regulated financial service provider or its compliance with its obligations under financial services legislation;

(ix) a decision by the regulated financial service provider to cease to provide financial services of a particular description.]