# The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2004, 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 31st 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 31st 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.

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Source: https://www.legislation.gov.uk/uksi/2004/3219/regulation/17 (the official version)
Page: https://openlegislation.uk/insurance-accounts-directive-lloyds-syndicate-and-aggregate-accounts-regulations-2004/regulation-17
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.