19Senior management functionsU.K.
After section 59 of FSMA 2000 insert—
“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.”
Commencement Information
I1S. 19 in force at 25.7.2014 by S.I. 2014/1819, art. 2(1)(a)