Related Commentary  

15(1)  The Secretary of State must withdraw the CDFI's accreditation–

(a)subject to regulations 15A to 15E, with effect from the time of the failure, where the CDFI fails to satisfy the terms of regulation 8;

(b)subject to paragraph (2), where the CDFI makes a direct or indirect investment in residential property from the investment fund; and

(c)subject to paragraph (3), where the CDFI fails to make an annual report within 12 months of the date on which it was due under paragraph (1) of regulation 13.

15(2)  Paragraph (1)(b) does not apply where–

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