Related Commentary  

108(1)  This Chapter applies if a reporting fund is in breach of a requirement imposed in this Part.

108(2)  A breach of a requirement imposed in this Part is–

(a)a minor breach, or

(b)a serious breach.

108(3)  For the purposes of these Regulations, a breach of a requirement imposed in this Part is a “serious breach” if it is–

(a)a breach specified as a serious breach in a provision of this Chapter, or

(b)a breach which is not a minor breach.

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