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Section 20 Directors and senior managersF6I1I2

United Kingdom

(1)

A share transfer instrument may enable the Bank of England—

(a)

to remove a director F1or senior manager of a specified bank;

(b)

to vary the service contract of a director or senior manager of a specified bank;

(c)

to terminate the service contract of a director or senior manager of a specified bank;

(d)

to appoint a director or senior manager of a specified bank.

F2(1A)

Subsection (1) also applies to a director F3or senior manager of any undertaking which is a banking group company in respect of a specified bank.

(2)

A share transfer order may enable the Treasury—

(a)

to remove a director F4or senior manager of a specified bank;

(b)

to vary the service contract of a director or senior manager of a specified bank;

(c)

to terminate the service contract of a director or senior manager of a specified bank;

(d)

to appoint a director or senior manager of a specified bank.

(3)

Appointments under subsection (1)(d) are to be on terms and conditions agreed with the Bank of England.

(4)

Appointments under subsection (2)(d) are to be on terms and conditions agreed with the Treasury.

F5(5)

In this section “senior manager” means a person who—

(a)

exercises executive functions within a specified bank or banking group company, and

(b)

is responsible, and directly accountable to the directors, for the day to day management of that bank or banking group company.

Annotations

Textual amendments

F1

Words in s. 20(1) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 27(2)

F2

S. 20(1A) inserted (1.8.2014) by Financial Services Act 2012 (c. 21), ss. 100(3), 122(3) (with Sch. 20); S.I. 2014/1847, art. 2

F3

Words in s. 20(1A) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 27(2)

F4

Words in s. 20(2) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 27(2)

F5

S. 20(5) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 27(3)

F6

Words in s. 20 heading inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 27(4)

Commencement

I1

S. 20 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 1

I2

S. 20 in force at 21.2.2009 in so far as not already in force by S.I. 2009/296, arts. 2, 3, Sch. para. 1

Notes on Part 1

Modifications

C1

Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2

C2

Pt. 1: power to amend conferred (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 17(3)(f), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2

Notes on Chapter 3

Textual amendments

F1

Pt. 1 Ch. 3 formed from ss. 4-83 (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 7