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.