Regulation 117 | Reporting fund not complying with requirements

(1)This regulation applies if—

(a)a reporting fund gives a notice under regulation 116, and

(b)the fund has not complied with all requirements imposed in this Part for all periods during which it was a reporting fund.

(2)For the purposes of these Regulations the fund is treated as a fund to which regulation 114 has applied and not as a fund to which regulation 116 has applied.