Schedule 11, Part 5, paragraph 39(2)

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).

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