(1) If an insurance intermediary or reinsurance intermediary that is a body corporate commits an offence against these Regulations, each person who, at the time when the offence is found to have been committed, was concerned in the direction or management of the body commits a separate offence, unless the person establishes in the proceedings that -
(a) the offence was committed by the entity without the person's knowledge, or
(b) although the person did have that knowledge, the person took all reasonably practicable steps to prevent the commission of the offence by the entity.
(2) A person may be prosecuted and convicted of an offence under paragraph (1) even if the body corporate is not prosecuted or convicted.