(1) For the purposes of the provisions of this Part relating to disclosure rules, a "person discharging managerial responsibilities within an issuer" means -
(a) a director of an issuer falling within section 96A(1)(c)(i) or (ii); or
(b) a senior executive of such an issuer who -
(i) has regular access to inside information relating, directly or indirectly, to the issuer, and
(ii) has power to make managerial decisions affecting the future development and business prospects of the issuer.
(2) Schedule 11B (connected persons) has effect for the purposes of the provisions of this Part relating to disclosure rules.