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Financial Services and Markets Act 2000

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Changes over time for: Section 96B

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Version Superseded: 01/10/2009

Status:

Point in time view as at 06/04/2008. This version of this provision has been superseded. Help about Status

Changes to legislation:

Financial Services and Markets Act 2000, Section 96B is up to date with all changes known to be in force on or before 16 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

96B[F1Disclosure rules: persons responsible for compliance]U.K.

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(1)[F2For the purposes of the provisions of this Part relating to disclosure rules], a “person discharging managerial responsibilities within an issuer” means—

(a)a director of an issuer falling within section 96A(1)(c)(i) or (ii); or

(b)a senior executive of such an issuer who—

(i)has regular access to inside information relating, directly or indirectly, to the issuer, and

(ii)has power to make managerial decisions affecting the future development and business prospects of the issuer.

(2)A person “connected” with a person discharging managerial responsibilities within an issuer means—

(a) a “connected person” within the meaning in section 346 of the Companies Act 1985 F3 (reading that section as if any reference to a director of a company were a reference to a person discharging managerial responsibilities within an issuer);

(b)a relative of a person discharging managerial responsibilities within an issuer, who, on the date of the transaction in question, has shared the same household as that person for at least 12 months;

(c)a body corporate in which—

(i)a person discharging managerial responsibilities within an issuer, or

(ii)any person connected with him by virtue of subsection (a) or (b),

is a director or a senior executive who has the power to make management decisions affecting the future development and business prospects of that body corporate.

Textual Amendments

F1Words in s. 96B heading substituted (8.11.2006) by Companies Act 2006 (c. 46), ss. 1272, 1300(1)(a), Sch. 15 para. 7(a)

Modifications etc. (not altering text)

C1S. 96B modified (22.2.2008) by The Northern Rock plc Transfer Order 2008 (S.I. 2008/432), art. 17(1), Sch. para. 4(b)

C2S. 96B modified (29.9.2008 at 8.00 a.m.) by The Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008 (S.I. 2008/2546), art. 13(1)(3), Sch. 1 para. 4(b)

C3S. 96B modified (7.10.2008 at 9.30 a.m.) by The Heritable Bank plc Transfer of Certain Rights and Liabilities Order 2008 (S.I. 2008/2644), art. 26, Sch. 2 para. 4(b)

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