LLD 17.8 Amendments to byelaws, trust deeds and standard form letters of credit and guarantees

The Society must, as soon as it is practical to do so, notify the FSA of its intention to approve the form of any new Lloyd's trust deed.

The Society must, as soon as it is practical to do so, notify the FSA of its intention to make any amendment which may alter the meaning or effect of any byelaw, including:

1. (1)

   any Lloyd's trust deed;

2. (2)

   any standard form letter of credit prescribed by the Society from time to time; or

3. (3)

   any standard form guarantee agreement prescribed by the Society from time to time.

The Society must provide the FSA with full details of:

1. (1)

   the form of any new Lloyd's trust deed it intends to approve, as described in LLD 17.8.1 R; and

2. (2)

   any amendments falling within LLD 17.8.2 R.

The Society must consult interested parties in relation to any new Lloyd's trust deed and in relation to any amendment falling within LLD 17.8.2 R.

The information provided to the FSA by the Society under LLD 17.8.3 R must include:

1. (1)

   a statement of the purpose of any proposed amendment or new Lloyd's trust deed and the expected impact, if any, on policyholders, managing agents, members, and potential members; and

2. (2)

   a description of the consultation undertaken under LLD 17.8.4 R including a summary of any significant responses to that consultation.