7.—(1) If the managing agent of a Lloyd’s syndicate fails to comply with paragraph (1) of regulation 3, within the period referred to in paragraph (3) of that regulation, the managing agent and every person who was a director or partner of it immediately before the end of that period, is guilty of an offence and liable on summary conviction to a fine not exceeding level 5 on the standard scale.
(2) If the managing agent of a Lloyd’s syndicate fails to comply with paragraph (1) of regulation 4, within the period referred to in paragraph (3) of that regulation, the managing agent and every person who was a director or partner of it immediately before the end of that period, is guilty of an offence and liable on summary conviction to a fine not exceeding level 5 on the standard scale.
(3) If accounts which are supplied under regulation 5, do not comply with the requirements of regulations 3 and 4, the managing agent of the Lloyd’s syndicate and every person who was a director or partner of it at the time when the accounts were first made available for inspection or supplied, is guilty of an offence and liable on summary conviction to a fine not exceeding level 5 on the standard scale.
(4) If a managing agent fails to comply with regulation 5(1), it and every person who was a director or partner of it at the time when the failure took place is guilty of an offence and liable on summary conviction to a fine not exceeding level 5 on the standard scale.
(5) If a managing agent fails to comply with regulation 5(2), it and every person who was a director or partner of it at the time when the failure took place is guilty of an offence and liable on summary conviction to a fine not exceeding level 5 on the standard scale.
(6) It is a defence for a person charged with an offence under this regulation to show that he took all reasonable steps for securing that the requirements in question would be complied with.
(7) Section 731 of the 1985 Act applies to any offence under this regulation.