59ZASenior management functions

1

This section has effect for determining whether a function is for the purposes of section 59(6) or (6A) a senior management function.

2

A function is a “senior management function”, in relation to the carrying on of a regulated activity by an authorised person, if—

a

the function will require the person performing it to be responsible for managing one or more aspects of the authorised person's affairs, so far as relating to the activity, and

b

those aspects involve, or might involve, a risk of serious consequences—

i

for the authorised person, or

ii

for business or other interests in the United Kingdom.

3

In subsection (2)(a) the reference to managing one or more aspects of an authorised person's affairs includes a reference to taking decisions, or participating in the taking of decisions, about how one or more aspects of those affairs should be carried on.