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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 15 July 2015 - onwards
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Regulation 118 Oversight by resolution authority of special management.

(1) The resolution authority shall, as soon as practicable following the appointment of a special manager, issue the special manager with instructions setting out details of how the resolution is to proceed.

(2) Where the resolution authority is of the opinion that it is necessary for the achievement of one or more of the resolution objectives, it may direct a special manager to take or to refrain from taking any action in connection with the resolution.

(3) The resolution authority may set limits to the functions of the special manager or require that certain acts be subject to the resolution authority's prior written consent.

(4) A special manager shall comply with instructions issued, direction given or limit set under this Regulation.

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