2.15.088 The UCI WorldTeam must inform the UCI-appointed auditor without delay: 

1. of any significant changes in the annual budget, the cashflow plan or the financial planning or of insolvency or risk of insolvency; 

2. of any risk, dispute or other circumstance liable to endanger financial stability; 

3. of the nonfulfillment, for whatsoever reason, of an obligation to a rider or another member of the team. 

In the event of a breach of this regulation a fine of between CHF 1,000 and 10,000 may be imposed, without prejudice to the application of article 2.15.040 in the event of a serious offence. 

(text modified on 1.01.15; 12.01.17). 

2.15.089 The financial auditor shall inform the Professional Cycling Council of any anomalies or irregularities observed in the course of his audit in the context of licence and registration applications as well as random audits. 

(text modified on 12.01.17). 

2.15.090 The financial stability of the UCI WorldTeam must be ensured at all times, in particular by adequate owner’s equity. The income deriving from the activities of the UCI WorldTeam must be allocated exclusively to its operations or to the development of cycling. The available profit in the balance sheet must be used in accordance with the legal provisions in force in the country of the UCI WorldTeam. The allocation of the profit must be decided after the annual accounts have been established and audited. 

No advance payment of profits may be made to beneficiaries during the course of the year. 

(text modified on 01.07.10; 1.01.15). 

2.15.091 The cashflow situation of the UCI WorldTeam must be balanced at all times, taking account of the credit facilities obtained. 

The UCI WorldTeam must always avoid any arrears of payment. 

(text modified on 1.01.15). 

## Bank guarantee 

2.15.092 Each UCI WorldTeam must establish a first-demand (abstract) bank guarantee in favour of the UCI in accordance with the model in article 2.15.141.$_{ }$ 

The bank guarantee must be established by the paying agent and submitted by the issuing bank on behalf of the paying agent. 

(text modified on 1.01.15; 24.03.17; 1.01.18). 

2.15.093 The guarantee shall be drawn up in English by a banking institution which can either directly or through a correspondent bank transmit a SWIFT message to the UCI’s bank (UBSWCHZH12A). 

(text modified on 20.10.05; 1.07.10; 24.03.17). 

