Regulation 11 Amendment of regulation 15I1

Northern Ireland

(1)

Regulation 15 (requirement for trustees or manager to satisfy certain conditions in relation to with-profits funds) shall be amended in accordance with paragraphs (2) and (3).

(2)

In paragraph (3)(c) for “auditor or reporting accountant to certify that the requirements of regulations 13 and 14 have been complied with” there shall be substituted “reporting accountant to make the statement mentioned in regulation 12(5)(a)(i) so far as that statement relates to regulation 12(2)(d)(ii)”.

(3)

In paragraph (4)—

(a)

the words “the auditor to the insurance company or” shall be omitted;

(b)

for “systems and controls that are designed and used so that” there shall be substituted “systems which and controls which are of a design such that, and used such that”, and

(c)

in sub-paragraph (b) for “auditor or reporting accountant, as the case may be,” there shall be substituted “reporting accountant and, as the case may be, to the auditor”.

Annotations

Commencement

I1: Reg. 11 in operation at 5.4.2001, see reg. 1(1)