Insertion of regulation 9A (determination of appropriate financial standing)
115. After regulation 9 (further provisions for the purposes of regulations 5 to 8) insert—
“Appropriate financial standing
Determination of appropriate financial standing
9A.—(1) An operator has appropriate financial standing under section 12A(2)(c) of the 2010 Act if the operator is able to demonstrate that it has at its disposal at all times capital and reserves—
(a)for goods vehicles authorised to be used under a heavy goods vehicle licence, of—
(i)£8,000 for the first heavy goods vehicle;
(ii)£4,500 for each additional heavy goods vehicle; and
(iii)£800 for each light goods vehicle (if any); or
(b)for goods vehicles authorised to be used under a light goods vehicle licence, of—
(i)£1,600 for the first light goods vehicle; and
(ii)£800 for each additional light goods vehicle.
(2) The operator must demonstrate appropriate financial standing—
(a)on the basis of the operator’s annual accounts if certified by a qualified auditor; or
(b)by producing other evidence to the satisfaction of the Department that the operator has, in the name of the operator, the necessary capital and reserves, such as—
(i)a bank guarantee;
(ii)a document issued by a financial institution establishing access to credit; or
(iii)any other binding document.
(3) In this regulation—
“operator” means an applicant for, or a holder of, an operator’s licence in relation to which appropriate financial standing is required under section 12A(2)(c) of the 2010 Act;
“qualified auditor” means a person who is eligible for appointment as a statutory auditor under Part 42 of the Companies Act 2006.