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39(1)This paragraph applies where the Bank uses one or more of the stabilisation options mentioned in paragraph 1(3) in respect of a CCP unless the CCP has ceased to be subject to the exercise of any stabilisation power mentioned in paragraph 1(4).
(2)A relevant person is not to be treated in relation to the CCP—
(a)as a shadow director for the purposes of the relevant enactments,
(b)as a person who discharges managerial responsibilities for the purposes of those enactments (unless that person has been appointed as a director or a senior manager), or
(c)as a director within the meaning of section 417(1)(b) of FSMA 2000 (a person in accordance with whose directions or instructions the directors of a body corporate are accustomed to act).
(3)In this paragraph—
“relevant enactment” means—
the Companies Act 2006;
the Insolvency Act 1986;
the Company Directors Disqualification Act 1986;
FSMA 2000;
the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19));
the Company Directors Disqualification (Northern Ireland) Order 2002 (S.I. 2002/3150 (N.I. 4));
“relevant person” means—
the Bank,
persons who are employed by, or act on behalf of, the Bank, and
a temporary manager appointed under paragraph 6 of this Schedule.
Commencement Information
I1Sch. 11 para. 39 not in force at Royal Assent, see s. 86(3)
I2Sch. 11 para. 39 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)
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