The external regulator, the FSA, delegates to the Council of Lloyd’s, the internal regulator. The Council must maintain an effective delegation of responsibilities for the purpose of carrying out the Society’s regulatory functions so that the Council can adequately control them. The Society deals cooperatively with the FSA in carrying out those regulatory functions and notifies the FSA when proposing byelaw changes. The byelaws are supplemented by Core Principles for Underwriting Agents and various codes. The FSA will regulate Lloyd’s brokers from 2005. See MARGIN OF SOLVENCY; REQUIRED MARGIN BUSINESS); REQUIRED MARGIN (LONG TERM BUSINESS). (GENERAL