# Financial Services and Markets Act 2023, Paragraph 39: Shadow directors etc

Extent: E+W+S+N.I.

(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—
(a) the Companies Act 2006;
(b) the Insolvency Act 1986;
(c) the Company Directors Disqualification Act 1986;
(d) FSMA 2000;
(e) the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19));
(f) the Company Directors Disqualification (Northern Ireland) Order 2002 (S.I. 2002/3150 (N.I. 4));
“relevant person” means—
(a) the Bank,
(b) persons who are employed by, or act on behalf of, the Bank, and
(c) a temporary manager appointed under paragraph 6 of this Schedule.

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Source: https://www.legislation.gov.uk/ukpga/2023/29/schedule/11/paragraph/39 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2023/schedule-11/paragraph-39
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.