MIR 2.4.9

For the purposes of Rule 2.4.2(a), in assessing whether a Recognised Body has sufficient financial resources in relation to operational and other risks, the Regulator may have regard to the extent to which, after allowing for the financial resources necessary to cover counterparty and market risks, the Recognised Body’s financial resources are sufficient and sufficiently liquid to:
(a) enable the Recognised Body to continue to properly carry on the Regulated Functions that it expects to carry on; and
(b) ensure that it would be able to complete an orderly closure or transfer of its Regulated Functions without being prevented from doing so by insolvency or lack of available funds.