Regulation 17 Transitional provisions

(1)

The managing agent of a syndicate need not prepare accounts in accordance with regulations 3 and 4 with respect to a financial year of the syndicate commencing on or before 31^st December 2004.

(2)

Where advantage is taken of paragraph (1), regulation 7 does not apply to the managing agent.

(3)

The members of the Council of Lloyd’s need not—

(a)

prepare aggregate accounts in accordance with regulation 8;

(b)

prepare an annual report in accordance with regulation 10; or

(c)

obtain an auditors' report in accordance with regulation 12

with respect to a financial year commencing on or before 31^st December 2004.

(4)

Nothing in this regulation exempts a managing agent or the Council of Lloyd’s from any requirement to include corresponding amounts from previous financial years in syndicate or aggregate accounts prepared in accordance with these Regulations.