OpenLegislation

Paragraph 39 Shadow directors etcI1I2

United Kingdom

(1)

This paragraph applies where the Bank uses one or more of the stabilisation options mentioned in paragraph 1(3) in respect of a CCP unless the CCP has ceased to be subject to the exercise of any stabilisation power mentioned in paragraph 1(4).

(2)

A relevant person is not to be treated in relation to the CCP—

(a)

as a shadow director for the purposes of the relevant enactments,

(b)

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

(c)

as a director within the meaning of section 417(1)(b) of FSMA 2000 (a person in accordance with whose directions or instructions the directors of a body corporate are accustomed to act).

(3)

In this paragraph—

  • “relevant enactment” means—

    1. (a)

      the Companies Act 2006;

    2. (b)

      the Insolvency Act 1986;

    3. (c)

      the Company Directors Disqualification Act 1986;

    4. (d)

      FSMA 2000;

    5. (e)

      the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19));

    6. (f)

      the Company Directors Disqualification (Northern Ireland) Order 2002 (S.I. 2002/3150 (N.I. 4));

  • “relevant person” means—

    1. (a)

      the Bank,

    2. (b)

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

    3. (c)

      a temporary manager appointed under paragraph 6 of this Schedule.

Annotations

Commencement

I1

Sch. 11 para. 39 not in force at Royal Assent, see s. 86(3)

I2

Sch. 11 para. 39 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)