The Bank Recovery and Resolution (No. 2) Order 2014

Shadow directorship U.K.

217.—(1) A relevant person is not to be treated, in relation to a company under resolution, as—

(a) a shadow director for the purposes of the enactments specified in paragraph (3);

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

(c) a director by virtue of paragraph (b) of the definition of “director” given in section 417(1) of FSMA (a person in accordance with whose directions or instructions the directors of a body corporate are accustomed to act).

(2) “Relevant persons” are—

(a) the Bank; F1 ...

(b) persons who are employed by, or act on behalf of, the Bank.

[F2 (c) a resolution administrator appointed under section 62B of the Banking Act 2009; and]

[F2 (d) a temporary manager appointed under section 71C of the Financial Services and Markets Act 2000.]

(3) The specified enactments are—

(a) the Companies Act 2006;

(b) the Insolvency Act 1986 M1 ;

(c) the Company Directors Disqualification Act 1986 M2 ; and

(d) FSMA.

Textual Amendments

F1 Word in art. 217(2)(a) omitted (16.12.2016) by virtue of The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 41(15)(a)

F2 Art. 217(2)(c)(d) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 41(15)(b)

Marginal Citations

M1 1986 c. 45.

M2 1986 c. 46.