C1C2C3 Part V Performance of Regulated Activities

Annotations:
Modifications etc. (not altering text)
C1

Pt. 5 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a), 128(3)(a) (with art. 23(2))

F1Removal of directors and senior executives and appointment of temporary manager

Annotations:
Amendments (Textual)
F1

Ss. 71B-71I and cross-heading inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 32

71BRemoval of directors and senior executives

1

If the appropriate regulator is satisfied that the conditions in section 71D(1) and (2) are met in relation to a relevant firm, the appropriate regulator may require the firm to remove—

a

any person who is a director of the firm;

b

any person who is a senior executive of the firm.

2

If the appropriate regulator imposes a requirement under subsection (1), the regulator may also require the relevant firm—

a

to replace a director or senior executive who has been removed, and

b

to take any step needed to give effect to the replacement, including, where necessary, calling a general meeting of the firm’s shareholders or members.

F23

If the appropriate regulator is satisfied that the condition in section 71D(4A) is met in relation to a person who is a director of an institution, of a financial holding company or of a mixed financial holding company, the appropriate regulator may require that institution, financial holding company or mixed financial holding company to remove that person from the board of directors.