SCHEDULE 2Amendments to the Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008

11

In regulation 12 (penalties for non-compliance (notification of appropriate audit authority))—

a

after paragraph (2) insert—

2A

In relation to an offence by a body under paragraph (1)—

a

any person who purports to act as director, manager or secretary of the body is treated as an officer of the body, and

b

if the body is a company, any shadow director is treated as an officer of the company.

b

omit paragraphs (3) and (6).