SCHEDULE 1SYNDICATE ACCOUNTS

PART 1GENERAL PROVISIONS

Off-balance sheet arrangements7

1

If in any financial year—

a

a syndicate is or has been party to an arrangement that is not reflected in its balance sheet; and

b

at the balance sheet date the risks or benefits arising from that arrangement are material,

the information required by this paragraph must be given in notes to the syndicate’s annual accounts.

2

The information required is—

a

the nature and business purpose of the arrangement; and

b

the financial impact of the arrangement on the syndicate.

3

The information need only be given to the extent necessary for enabling the financial position of the syndicate to be assessed.