Schedule 11, Part 5, paragraph 39

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). A relevant person is not to be treated in relation to the CCP— as a shadow director for the purposes of the relevant enactments, 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 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). 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.

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Source: legislation.gov.uk · retrieved 2026-09-04