This change to the PIA when combined with our power to waive the Rules to the extent that this removes the requirement in the MTC to provide run-off cover in relation to a firm will allow firm to built a Approved Regulators without triggering the run off cover rules.
This change to the PIA, when combined with our power to waive the Rules to the extent that this removes the requirement in the MTC to provide run-off cover in relation to a firm, will allow a firm to switch to a new Approved Regulator without triggering the run-off cover provisions.