Authorisation of members of management bodies to hold additional non-executive directorshipU.K.
44.—(1) Where a relevant recognition requirement limits the number of non-executive directorships a member of the management body of an exchange may hold at the same time, the FCA may authorise that member to hold one additional directorship.
(2) In paragraph (1)—
“management body” has the meaning given by regulation 3 (interpretation) of Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) Regulations 2001 M1; and
“relevant recognition requirement” means a requirement set out in paragraph 2B(1)(a)(i) or (ii) of the Schedule to those Regulations.
(3) The FCA must regularly inform ESMA of—
(a)any authorisation given by the FCA under paragraph (1); and
(b)any direction given by the FCA under section 138A M2 (modification or waiver of rules) of the Act for the purposes of Article 9.2 (management body) of the markets in financial instruments directive.
Marginal Citations
M1S.I. 2001/995; there are amendments to regulation 3 but none is relevant.
M2Section 138A was inserted by section 24(1) of the Financial Services Act 2012 and amended by paragraph 8 of Schedule 3 to the Financial Services (Banking Reform) Act 2013 and S.I. 2013/1388.