Past version: effective from 20/02/2020 - 19/02/2020
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Where an Authorised Person fails to meet the Combined Buffer Requirement, it must:
(a) calculate the maximum distributable amount in accordance with Rule 3.19.6; and
(b) ensure that it does not undertake any of the following actions until such time as it has calculated the maximum distributable amount and notified the Regulator under Rule 3.19.7:
(i) make a distribution in connection with CET1 Capital, or create an obligation to pay variable remuneration or discretionary pension benefits, or pay variable remuneration if the obligation to pay was created at a time when the institution failed to meet its Combined Buffer Requirement; or
(ii) make payments on AT1 and T2 Capital instruments.