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Application provision

1.1 This Part applies to:

  1. (1) every firm, except for an incoming firm that does not have a top-up permission; and
  2. (2) the external auditor of such a firm (if appointed under 2 or appointed under or as a result of a statutory provision other than in FSMA).

1.1

19/06/2014

This Part applies to:

  1. (1) every firm, except for an incoming firm that does not have a top-up permission; and
  2. (2) the external auditor of such a firm (if appointed under 2 or appointed under or as a result of a statutory provision other than in FSMA).

1.2

19/06/2014

In 1.1, where firm refers to a managing agent, it applies in respect of the managing agent’s own business and in respect of the insurance business of each syndicate that the managing agent manages.

1.3

07/03/2019

In this Part the following definitions shall apply:

annual reports and accounts

  1. means
    1. (1) (in relation to a company incorporated in the UK) its annual accounts and reports as defined in section 471 of the Companies Act 2006; or
    2. (2) (in relation to any other body) any similar or analogous documents which it is required to prepare whether by its constitution or by the law under which it is established.

accounting reference date

means

    1. (1) (in relation to a company incorporated in the UK under the Companies Acts) the accounting reference date of that company determined in accordance with section 391 of the Companies Act 2006; or
    2. (2) (in relation to any other body) the last day of its financial year.

balance sheet total

means the aggregate of the amounts shown as assets in the balance sheet.

ultimate parent undertaking

  1. means, in relation to a firm, an undertaking that:
    1. (1) is a parent undertaking of the firm; and
    2. (2) is not a subsidiary undertaking of another undertaking.