Article 217 Shadow directorship

United Kingdom

(1)

A relevant person is not to be treated, in relation to a company under resolution, as—

(a)

a shadow director for the purposes of the enactments specified in paragraph (3);

(b)

a person who discharges managerial responsibilities for the purposes of those enactments (unless that person has been appointed as a director); or

(c)

a director by virtue of paragraph (b) of the definition of “director” given in section 417(1) of FSMA (a person in accordance with whose directions or instructions the directors of a body corporate are accustomed to act).

(2)

“Relevant persons” are—

(a)

the Bank; F1...

(b)

persons who are employed by, or act on behalf of, the Bank.

F2(c)

a resolution administrator appointed under section 62B of the Banking Act 2009; and

(d)

a temporary manager appointed under section 71C of the Financial Services and Markets Act 2000.

(3)

The specified enactments are—

(a)

the Companies Act 2006;

(b)

the Insolvency Act 1986 M1;

(c)

the Company Directors Disqualification Act 1986 M2; and

(d)

FSMA.

Annotations

Textual amendments

F1: Word in art. 217(2)(a) omitted (16.12.2016) by virtue of The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 41(15)(a)
F2: Art. 217(2)(c)(d) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 41(15)(b)

Marginal citations

M1: 1986 c. 45.
M2: 1986 c. 46.

Notes on the whole SI

Textual amendments

F1: Order revoked (14.12.2023 for the revocation of art. 227) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(x)