(1) If a licensee becomes unable to comply with financial resources regulations that are made under section 76 and are applicable to it, the licensee shall—
(a) notify the Commission of such inability; and
(b) cease conducting business for which it is licensed, otherwise than for the purpose of giving effect to an agreement or arrangement permitted under its licence and entered into before the time when it became aware of such inability.
(2) The duties of a licensee under subsection (1) shall arise as soon as it becomes aware, or should, with the exercise of reasonable diligence, have become aware, of its inability to comply with the financial resources regulations and in relation to subsection (1)(a), must be exercised within 24 hours after such awareness.
(3) A licensee that is a company is deemed to be aware of an inability to comply with the financial resources regulations if a director or officer of it is so aware or would, with the exercise of reasonable diligence, have been aware of the inability.
(4) Where the Commission becomes aware of an inability by a licensee to comply with financial resources regulations the Commission may, whether or not notice has been given under subsection (1)—
(a) suspend the licence; or
(b) permit the licensee to carry on business on the conditions, if any, the Commission imposes.
(5) A licensee who contravenes subsection (1) commits an offence.