# Financial Services and Markets Act 2023, Paragraph 58: Directors and senior managers

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

(1) A property transfer instrument may enable the Bank—
(a) to remove a director or senior manager of a specified CCP;
(b) to vary the service contract of a director or senior manager of a specified CCP;
(c) to terminate the service contract of a director or senior manager of a specified CCP;
(d) to appoint a director or senior manager of a specified CCP.
(2) Sub-paragraph (1) also applies to a director or senior manager of a relevant CCP group company of the specified CCP.
(3) A “relevant CCP group company” means a CCP group company incorporated in, or formed under the law of any part of, the United Kingdom.
(4) Appointments under sub-paragraph (1)(d) are to be on terms and conditions agreed with the Bank.

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Source: https://www.legislation.gov.uk/ukpga/2023/29/schedule/11/paragraph/58 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2023/schedule-11/paragraph-58
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.