6.1 The FSA/PRA rules require that “[n]either the Society nor managing agents may permit a member to carry on any insurance business except as a participant on one or more syndicates.”1 Lloyd’s Acts 1871 to 1982 refer to syndicates (without defining them) only in the context of the Council’s power to make byelaws requiring the audit of syndicate accounts and the provision of reports and accounts to syndicate members, and empowering the Council to order an enquiry concerning the affairs of any syndicate.2 For the purposes of Lloyd’s byelaws the Definitions Byelaw (No. 7 of 2005) provides that