1. The Council may prescribe such conditions and requirements to be satisfied or complied with as a condition for the use or provision of a service as it thinks fit and without consulting any participant (whether such service is provided or is to be provided by the Society or by any service provider), and may add to, alter or withdraw any condition or requirement so prescribed.
2. Without prejudice to the generality of [1. above], any conditions and requirements prescribed under that sub-paragraph may:
(a) include the requirement to complete applications, notices and other documents in the prescribed form;
(b) include the requirement to execute, complete or execute and deliver or otherwise become a party to any prescribed form of application, notice, deed, trust deed, contract, assignment, undertaking, mandate, authority, power of attorney, negotiable instrument, agreement or other document or instrument whatsoever;
(c) include requirements relating to the provision of certificates, confirmations, declarations, information, opinions or reports, relating to a person applying to use a service (each such person being referred to in this byelaw as an ‘‘applicant’’) or to its directors, partners, managers, controllers, major shareholders or connected companies or to its members in the case of a limited liability partnership, in the prescribed form and to be given by such persons as the Council may prescribe or approve;
(d) include requirements relating to the financial position of the participant including, without limitation, the imposition of requirements limiting the individual and/or aggregate value of insurance transactions processed through the system by any participant or the provision of security by any participant whose financial position is uncertain;
(e) include requirements relating to the provision by participants of funds or other security (including, but not limited to, letters of credit, charges or guarantees) for the settlement and payment of insurance transactions on their behalf or to discharge any obligation incurred by them as a participant to any person;
(f) prescribe warranties and confirmations to be given by a participant or applicant;
(g) prescribe exclusions of liability to apply for the benefit of any person providing the services or any of them;
(h) prescribe indemnities to apply for the benefit of any person providing the services or any of them or any participant;
(i) prescribe provisions relating to the use and disclosure of information by any person providing the services or any of them or any participant;
(j) provide that any authority to be given to any person providing the services or any of them is irrevocable or may be revoked only under certain conditions; and
(k) provide for responsibility for the accuracy and/or completeness of information supplied to or by any person providing the services.
3. Without prejudice to the generality of [1. above], any conditions and requirements prescribed under that sub-paragraph may:
(a) impose conditions and requirements which are absolute or which are to vary from time to time by reference to such factors as are specified in or are determined in accordance with such conditions and requirements;
(b) make different provision for different classes of person or for specific persons (including, without limitation, different classes of member of the Society or underwriting agent or specific members or underwriting agents) and for different classes of insurance transaction or for specific insurance transactions;
(c) make different provision for bodies corporate, Scottish limited partnerships and individuals;
(d) specify circumstances in which an applicant or a participant is to be exempt from any such condition or requirement or may be excused from compliance with any such condition or requirement to such an extent as the Council may think fit;
(e) require any underwriting agent to execute, complete or execute and deliver or otherwise become a party to any applications, notices, deeds, trust deeds, contracts, assignments, undertakings, mandates, authorities, powers of attorney, negotiable instruments, agreements or other documents or instruments whatsoever on behalf of any member of the Society on whose behalf the underwriting agent has the power and authority to so execute, complete or execute and deliver; and
(f) contain incidental, supplementary and transitional provisions.
4. Any application, notice, deed, trust deed, contract, assignment, undertaking, mandate, authority, power of attorney, negotiable instrument, agreement or other document or instrument whatsoever which a person is required to execute, complete or execute and deliver or otherwise become a party to under [2. or 3. above] may provide that it can be amended by resolution of the Council from time to time.
5. In exercise of its powers under this paragraph, the Council may at any time require:
(a) any applicant or participant;
(b) any controller of an applicant or of a participant;
(c) any director of an applicant or of a participant;
(d) any partner in an applicant or in a participant;
(e) any major shareholder of an applicant or of a participant;
(f) any member of an applicant or of a participant which is a limited liability partnership;
(g) any manager of an applicant or of a participant; or
(h) in relation to a Scottish limited partnership, a specified person in relation to that Scottish limited partnership
to execute or execute and deliver (and may require the applicant or participant to procure that he executes or executes and delivers) an undertaking in favour of the Society in the prescribed form.
6. An undertaking in the form prescribed for the purposes of [5. above] include terms to the effect that the person giving the undertaking:
(a) submits to the disciplinary, regulatory and general jurisdiction of the Council;
(b) will, both while he remains an applicant, participant, or a controller, director, partner, major shareholder, manager or in the case of a limited liability partnership, a member or specified person of or in relation to the applicant or participant concerned and at all times thereafter, provide to the Council such information, explanations, documents and other material relating to the applicant or participant or its business of insurance at Lloyd’s or to any persons involved in or connected with such applicant, participant or business (including, without limitation, any service provider), or any other information, explanations, documents or other material which the Council may consider necessary or appropriate to be given or produced.
7. The Council may provide that its liability under [Consolidated Requirements Part 2 > General Operational Matters > Central Accounting > Miscellaneous and General > Liability] is amended in whatever manner, form and extent that it sees fit.