Regulation 11 Amendment of regulation 15

(1)

Regulation 15 (requirement for trustees or manager to satisfy certain conditions in relation to with-profits funds) shall be amended as follows.

(2)

In paragraph (3)(c) for “auditor or reporting accountant to certify that the requirements of regulations 13 and 14 have been complied with” substitute—

“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)

omit “the auditor to the insurance company or”;

(b)

for “systems and controls that are designed and used so that” substitute “ 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,” substitute “ reporting accountant and, as the case may be, to the auditor ”.