# The Open-Ended Investment Companies Regulations 2001, Paragraph 19


(1) If a person ceasing to hold office as auditor fails to comply with paragraph 18 he is guilty of an offence and liable—
(a) on conviction on indictment, to a fine;
(b) on summary conviction, to a fine not exceeding the statutory maximum.
(2) In proceedings for an offence under sub-paragraph (1), 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.

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Source: https://www.legislation.gov.uk/uksi/2001/1228/schedule/5/paragraph/19 (the official version)
Page: https://openlegislation.uk/open-ended-investment-companies-regulations-2001/schedule-5/paragraph-19
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.