Accreditation: SI2003/96 Regulation 12A
SI2013/417 introduced a new Regulation 12A in relation to reporting requirements for a first investment into a CDFI.
CDFIs accredited on or after 1 April 2013 are required to notify the Secretary of State, in writing, the date the first investment is made into the CDFI. This notification must be made within three months of the date of that first investment.
A CDFI failing to comply with this requirement is liable to a penalty of £500, payable to BIS, unless it has a reasonable excuse for the failure.