Regulation 12 Penalties for non-compliance (notification of appropriate audit authority)

United Kingdom

(1)

If an auditor fails to comply with regulation 10, an offence is committed by—

(a)

the auditor, and

(b)

if the auditor is a firm, every officer of the firm who is in default.

(2)

If an insurance undertaking fails to comply with regulation 11, an offence is committed by—

(a)

the insurance undertaking, and

(b)

every director of the insurance undertaking who is in default.

F1(2A)

In relation to an offence by a body under paragraph (1)—

(a)

any person who purports to act as director, manager or secretary of the body is treated as an officer of the body, and

(b)

if the body is a company, any shadow director is treated as an officer of the company.

F2(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)

In proceedings for an offence under this section it is a defence for the person charged to show that he took all reasonable steps and exercised all due diligence to avoid the commission of the offence.

(5)

A person guilty of an offence under this regulation is liable—

(a)

on conviction on indictment, to a fine, and

(b)

on summary conviction, to a fine not exceeding the statutory maximum.

F3(6)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

Textual amendments

F1: Reg. 12(2A) inserted (with effect in accordance with reg. 2(4) of the amending S.I.) by The Statutory Auditors Regulations 2017 (S.I. 2017/1164), reg. 1(2)(3), Sch. 2 para. 11(a) (with reg. 2(6)(7))
F2: Reg. 12(3) omitted (with effect in accordance with reg. 2(4) of the amending S.I.) by virtue of The Statutory Auditors Regulations 2017 (S.I. 2017/1164), reg. 1(2)(3), Sch. 2 para. 11(b) (with reg. 2(6)(7))
F3: Reg. 12(6) omitted (with effect in accordance with reg. 2(4) of the amending S.I.) by virtue of The Statutory Auditors Regulations 2017 (S.I. 2017/1164), reg. 1(2)(3), Sch. 2 para. 11(b) (with reg. 2(6)(7))