Directors
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Memorandwm Esboniadol
36.—(1) Section 36A (directors)(1) is amended as follows.
(2) In subsections (1) and (2), after “a director”, in each place it occurs, insert “or senior manager”.
(3) After subsection (3) insert—
“(4) In this section “senior manager” means a person who—
(a)exercises executive functions within a specified bank or banking group company, and
(b)is responsible, and directly accountable to the directors, for the day to day management of that bank or banking group company.
(5) In this section references to a bank include a resolution company (whether or not it is a bank).”.
(4) Accordingly, in the heading, after “Directors” insert “and senior managers”.
(1)
Section 36A was inserted by section 100 of the Financial Services Act 2012 (c.21).