PART 17Modified application of company law to banks etc in resolution

Shadow directorship217

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.

F2c

a resolution administrator appointed under section 62B of the Banking Act 2009; and

F2d

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.