This guidance explains how the Senior Traffic Commissioner believes that traffic commissioners should interpret the law in relation to the requirements for financial standing.
The directions are addressed to the traffic commissioners in respect of the approach to be taken by staff acting on behalf of individual traffic commissioners. They dictate the operation of delegated functions in relation to the requirements for financial standing.
Inclusion of a recent UT decision on Period of Grace procedure (document 2, para 25)
Adding UT cases references for funds to be held within the entity that holds the licence (document 2, para 46)
Amendment to Annex 3 Finance Agreement to include Invoice Discounting Agreement with worked example (document 2, Annex 3)
Adding hyperlink between HTML document and PDF.
Reflecting legal updates.
Updating financial standing levels for 2021.
Uploading HTML version of stat doc and ODT versions of some annexes for accessibility purposes.
Updating financial standing levels.
Updated to confirm no change in financial standing levels for 2020.