(1) In these Regulations -

"the 2006 Act" means the Companies Act 2006 [2006 c.46.];

"the 2008 Regulations" means the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 [S.I. 2008/410.];

"appropriate audit authority" means - (a) the Secretary of State, or (b) if the Secretary of State has delegated functions under section 1252 of the Companies Act 2006 (delegation of the Secretary of State's functions) to a body whose functions include receiving notice that an auditor of a syndicate or of the aggregate accounts has ceased to hold office, that body;

"the Authority" means the Prudential Regulation Authority;

"the Council of Lloyd's" means the Council constituted by section 3 of Lloyd's Act 1982 (the Council);

"financial year" means the period of 12 months beginning on 1st January;