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

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Shadow directorship

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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; and

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

(3) The specified enactments are—

(a)the Companies Act 2006;

(b)the Insolvency Act 1986(1);

(c)the Company Directors Disqualification Act 1986(2); and

(d)FSMA.

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