CTPS 9.1 Notifications

1A critical third party must notify the regulators immediately where there is an actual or potential circumstance or event that seriously and adversely impacts, or could seriously and adversely impact, the critical third party’s ability to deliver any of its systemic third party services or meet any of its obligations under CTPS, including where:

1. (1)

   civil proceedings are brought by or against the critical third party or a claim or dispute is referred to alternative dispute resolution in any jurisdiction;

2. (2)

   disciplinary measures or sanctions have been imposed on the critical third party by any statutory or regulatory authority in any jurisdiction (other than the regulators), or the critical third party becomes aware that one of those authorities has commenced an investigation into its affairs;

3. (3)

   the critical third party is in financial difficulty and is considering entering into an insolvency proceeding or a restructuring plan in any jurisdiction, or any such proceedings are likely to be brought against it in any jurisdiction; and

4. (4)

   the critical third party is subject to criminal proceedings, or has been prosecuted for, or convicted of, a criminal offence in any jurisdiction involving fraud or dishonesty.