Paragraph 10 Duty of Council of Lloyd's to notify the appropriate audit authority

(1)

Where the auditor of the aggregate accounts ceases to hold office before the end of his or her term of office, the Council of Lloyd's must notify in writing the appropriate audit authority.

(2)

The notice must—

(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.

Notes on the whole SI

Textual amendments

F1: Regulations revoked (14.12.2023 for the revocation of reg. 32) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(i)