After section 96C of the 1982 Act insert—

“Meanings of ‘manager’ and ‘chief executive’.96D.

(1)

In this Act ‘manager’—

(a)

in relation to a UK company, means any person (other than an employee of the company) appointed by the company to manage any part of its business, or any employee of the company (other than a chief executive) who, under the immediate authority of a director or chief executive of the company—

(i)

exercises managerial functions, or is responsible for maintaining accounts or other records of the company; and

(ii)

is not a person whose functions relate exclusively to business conducted from a place of business which is not in a member State;

(b)

in relation to an insurance company which is not a UK company, means an employee of the company (other than a chief executive) who, under the immediate authority of a director or chief executive of the company—

(i)

exercises managerial functions, or is responsible for maintaining accounts or other records of the company; and

(ii)

is not a person whose functions relate exclusively to business conducted from a place of business outside the United Kingdom.

(2)

In this Act ‘chief executive’, in relation to an insurance company or body corporate, means an employee of that company or body corporate, who, either alone or jointly with others, is responsible under the immediate authority of the directors for the conduct of the whole of the insurance business of that company or body corporate.”