The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008

• (a) inform the appropriate audit authority that the auditor has ceased to hold office; and

• (b) be accompanied by a statement of the reasons for the auditor's ceasing to hold office.

• (3) The Council of Lloyd's must give notice under this paragraph—

• (a) if the auditor resigns, not later than the end of the period of fourteen days beginning with the date on which the auditor first informs the Council of his or her resignation (whether by notice or otherwise); and

• (b) in any other case, not later than the end of the period of fourteen days beginning with the date on which the auditor ceases to hold office.

• (4) If the Council of Lloyd's fails to comply with this paragraph, an offence is committed by—

• (a) the Society of Lloyd's; and

• (b) every member of the Council who was in default.

• (5) A person guilty of an offence under this paragraph is liable—

• (a) on conviction on indictment, to a fine;

• (b) on summary conviction, to a fine not exceeding the statutory maximum.

• (6) In proceedings for an offence under this paragraph it is a defence for the person charged to show that he or she took all reasonable steps and exercised all due diligence to avoid the commission of the offence.

Signed

Claire Ward — Dave Watts — Two of the Lords Commissioners of Her Majesty's Treasury — 2008-07-22

Explanatory note

(This note is not part of the Regulations)

Footnotes

[^f00001]: S.I. 1997/2781.

[^f00002]: 1972 c.68.

[^f00003]: 2006 c.46.

[^f00004]: S.I. 2008/410.

[^f00005]: 1871 c. xxi; 1911 c. lxii; 1951 c. viii; 1982 c. xiv.

[^f00006]: Section 1210 was amended by regulation 15(1) of S.I. 2008/565, and by regulation 14 of S.I. 2008/567.

[^f00007]: 2000 c.8.

[^f00008]: S.I. 2004/3219.

[^f00009]: O.J.L222 of 14.8.1978, page 11, and O.J. L193 of 18.7.1983, page 1, as amended in particular by Directives 2001/65/EEC and 2003/51/EEC of the European Parliament and of the Council (O.J. L238 of 27.12.2001, page 28, and O.J. L178 of 17.7.2003, page 16).

[^f00010]: 1986 c.45; section 388 has been amended by section 4(2)(a) to (c) of the Insolvency Act 2000 (c.39), by section 11(1) of the Bankruptcy (Scotland) Act 1993 (c.6) and by S.I. 1994/2421, 2002/1240 and 2002/2708.

[^f00011]: S.I. 1989/2405 (N.I. 19); Article 3 has been amended by Article 6(1)(a) to (c) of the Insolvency (Northern Ireland) Order 2002 (S.I. 2002/3152 (N.I. 6); and by S.R. 1995/225, 2002/334 and 2003/550.

Editorial notes

[^c19350791]: S.I. 1997/2781.

[^c19350801]: 1972 c.68.

[^c19350811]: 2006 c.46.

[^c19350821]: S.I. 2008/410.

[^c19350831]: 1871 c. xxi; 1911 c. lxii; 1951 c. viii; 1982 c. xiv.

[^c19350841]: Section 1210 was amended by regulation 15(1) of S.I. 2008/565, and by regulation 14 of S.I. 2008/567.

[^c19350851]: 2000 c.8.

[^c19350861]: S.I. 2004/3219.

[^c19350871]: O.J.L222 of 14.8.1978, page 11, and O.J. L193 of 18.7.1983, page 1, as amended in particular by Directives 2001/65/EEC and 2003/51/EEC of the European Parliament and of the Council (O.J. L238 of 27.12.2001, page 28, and O.J. L178 of 17.7.2003, page 16).

[^c19350901]: 1986 c.45; section 388 has been amended by section 4(2)(a) to (c) of the Insolvency Act 2000 (c.39), by section 11(1) of the Bankruptcy (Scotland) Act 1993 (c.6) and by S.I. 1994/2421, 2002/1240 and 2002/2708.

[^c19350911]: S.I. 1989/2405 (N.I. 19); Article 3 has been amended by Article 6(1)(a) to (c) of the Insolvency (Northern Ireland) Order 2002 (S.I. 2002/3152 (N.I. 6); and by S.R. 1995/225, 2002/334 and 2003/550.

[^key-f9c9b9c348aaa963b658f4fdd2360bd3]: Words in reg. 2(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 144 (with Sch. 2 para. 145)

[^key-561b1971c87be6ad9f6f735f54c90338]: Reg. 11(5) inserted (with effect in accordance with reg. 1(7) of the amending S.I.) by The Statutory Auditors and Third Country Auditors Regulations 2017 (S.I. 2017/516), regs. 1(2), 15(3)(b)

[^key-d4b441eca74b9348d23bf0dc907d17a7]: Words in reg. 11(2) substituted (with effect in accordance with reg. 1(7) of the amending S.I.) by The Statutory Auditors and Third Country Auditors Regulations 2017 (S.I. 2017/516), regs. 1(2), 15(3)(a)

[^key-c49b4122f1117de735f15f69b0dacd93]: Reg. 12(4) inserted (with effect in accordance with reg. 1(7) of the amending S.I.) by The Statutory Auditors and Third Country Auditors Regulations 2017 (S.I. 2017/516), regs. 1(2), 15(4)(b)

[^key-81a3aff0a01e6df53906563edd50ffff]: Words in reg. 12(1) inserted (with effect in accordance with reg. 1(7) of the amending S.I.) by The Statutory Auditors and Third Country Auditors Regulations 2017 (S.I. 2017/516), regs. 1(2), 15(4)(a)

[^key-acb4fc9920f812679c34211194beffa3]: Reg. 13(1A) inserted (with effect in accordance with reg. 1(7) of the amending S.I.) by The Statutory Auditors and Third Country Auditors Regulations 2017 (S.I. 2017/516), regs. 1(2), 15(5)

[^key-608c2091399890d29742f4448b12140a]: Word in reg. 14(1) substituted (with effect in accordance with reg. 1(7) of the amending S.I.) by The Statutory Auditors and Third Country Auditors Regulations 2017 (S.I. 2017/516), regs. 1(2), 15(6)

[^key-2ce856cba888989e940e36d09d01fcfc]: Words in reg. 18(4) inserted (with effect in accordance with reg. 1(7) of the amending S.I.) by The Statutory Auditors and Third Country Auditors Regulations 2017 (S.I. 2017/516), regs. 1(2), 15(7)(a)

[^key-db4b963030dcc7992f24e6b743ce0447]: Reg. 18(4A) inserted (with effect in accordance with reg. 1(7) of the amending S.I.) by The Statutory Auditors and Third Country Auditors Regulations 2017 (S.I. 2017/516), regs. 1(2), 15(7)(b)

[^key-a8ac7b2bb06a41798133a32a4ee90f52]: Reg. 22 substituted (with effect in accordance with reg. 1(7) of the amending S.I.) by The Statutory Auditors and Third Country Auditors Regulations 2017 (S.I. 2017/516), regs. 1(2), 15(8)

[^key-b7e056cf1e64c8c2fcdb91bc5204160c]: Reg. 23(4) inserted (with effect in accordance with reg. 1(7) of the amending S.I.) by The Statutory Auditors and Third Country Auditors Regulations 2017 (S.I. 2017/516), regs. 1(2), 15(9)(b)

[^key-1b91cd7e61d5cab7763b88f6d09fa3ab]: Words in reg. 23(1) inserted (with effect in accordance with reg. 1(7) of the amending S.I.) by The Statutory Auditors and Third Country Auditors Regulations 2017 (S.I. 2017/516), regs. 1(2), 15(9)(a)

[^key-76b93e8db4f9366022d6d398a73a0130]: Reg. 24(1A) inserted (with effect in accordance with reg. 1(7) of the amending S.I.) by The Statutory Auditors and Third Country Auditors Regulations 2017 (S.I. 2017/516), regs. 1(2), 15(10)

[^key-f760a8bd7cceaf62770a8a7801344754]: Word in reg. 25(1) substituted (with effect in accordance with reg. 1(7) of the amending S.I.) by The Statutory Auditors and Third Country Auditors Regulations 2017 (S.I. 2017/516), regs. 1(2), 15(11)

[^key-72598af7ba426f24d671f5aa95ace95f]: Reg. 26(4) inserted (with effect in accordance with reg. 1(7) of the amending S.I.) by The Statutory Auditors and Third Country Auditors Regulations 2017 (S.I. 2017/516), regs. 1(2), 15(12)

[^key-167d4714de0569771c4e063e93792684]: Sch. 1 para. 1(4A) inserted (with effect in accordance with reg. 1(7) of the amending S.I.) by The Statutory Auditors and Third Country Auditors Regulations 2017 (S.I. 2017/516), regs. 1(2), 15(14)(b)

[^key-33242a225427cc46fcce345732160895]: Words in Sch. 1 para. 1(4) substituted (with effect in accordance with reg. 1(7) of the amending S.I.) by The Statutory Auditors and Third Country Auditors Regulations 2017 (S.I. 2017/516), regs. 1(2), 15(14)(a)

[^key-bd6a69e645922fae652e97908f16f988]: Reg. 10 substituted (with effect in accordance with reg. 1(7) of the amending S.I.) by The Statutory Auditors and Third Country Auditors Regulations 2017 (S.I. 2017/516), regs. 1(2), 15(2)

[^key-20750cff2c452b24327cd4482217e923]: Words in Sch. 2 para. 2(6) substituted (with application in relation to financial years beginning on or after 6.4.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/108), reg. 1(2)(b)(3), 16(a)

[^key-05415148c739247ce2aadcf239518b8c]: Sch. 2 para. 3(1) substituted (with application in relation to financial years beginning on or after 6.4.2020) by The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/108), reg. 1(2)(b)(3), 16(b)

Review

32

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