1. The sanctions that that may be imposed by an Enforcement Committee on a defendant against whom a finding of misconduct is made in enforcement proceedings are –
(a) the exclusion or suspension from membership of the Society, or a requirement that a member cease underwriting at Lloyd’s, permanently or temporarily, and either totally or in part;
(b) the revocation or suspension of a person’s permission, consent, registration or right to act as an underwriting agent, an approved run-off company or a Lloyd’s broker;
(c) the revocation or suspension of a person’s permission, consent, registration or right to transact, or be concerned or interested in the transaction of, insurance business at Lloyd’s or any class or classes of such business, either totally or in part;
(d) the revocation or suspension of an individual’s permission to enter the Room and any other specified parts of the premises of the Society;
(e) a fine;
(f) a notice of censure;
(g) a declaration of an individual’s unfitness or unsuitability to act as a director, partner or compliance officer of a member of the Society, an underwriting agent or an approved run-off company, or as a member of a member of the Society which is a limited liability partnership, or to perform a specific function within or for such a firm;
(h) an order of restitution where a profit has accrued to the defendant or a person has suffered loss or otherwise been adversely affected.
Restitution
2. An order of restitution means an order for the payment of money by the defendant to another person, and the order shall specify –
(a) the amount of the payment as appears to be just having regard to the profit that has accrued to the defendant or having regard to the loss suffered by, or adverse effect on, any person; and
(b) to which person, whether the Council or any other person, the defendant shall make payment.
Terms and conditions in respect of sanctions
3. Where any sanction is imposed, then subject to [4. below], an Enforcement Committee may impose any terms or conditions in connection with the implementation of, or for the operation of, that sanction that it considers necessary or appropriate which (without limiting the powers exercisable under this paragraph) may include a term or condition that the defendant –
(a) cease underwriting, either totally or in part, in all or any syndicates;
(b) cease to be eligible to serve the Society in any or any specified capacity;
(c) shall not acquire any legal or beneficial interest in any shares or stock of a corporate member or an underwriting agent or exercise directly or indirectly any voting rights in respect of any shares or stock of a corporate member or an underwriting agent, or otherwise control or seek to control directly or indirectly a corporate member or an underwriting agent;
(d) shall not become a director of a corporate member or a director of or a partner in an underwriting agent;
(e) shall not work for a corporate member or an underwriting agent as a manager.
4. The Enforcement Board may only impose a sanction, or any terms and conditions in respect of that sanction, where they have been agreed by the Council and the defendant.
5. If it considers appropriate an Enforcement Tribunal may decide not to impose a sanction on a defendant against whom it has made a finding of misconduct. Such decision shall not prevent the Enforcement Tribunal making any order as to costs.