(1) A person ("S") commits an offence if -
(a) at a time when S is a senior manager in relation to a financial institution ("F"), S -
(i) takes, or agrees to the taking of, a decision by or on behalf of F as to the way in which the business of a group institution is to be carried on, or
(ii) fails to take steps that S could take to prevent such a decision being taken,
(b) at the time of the decision, S is aware of a risk that the implementation of the decision may cause the failure of the group institution,
(c) in all the circumstances, S's conduct in relation to the taking of the decision falls far below what could reasonably be expected of a person in S's position, and
(d) the implementation of the decision causes the failure of the group institution.
(2) A "group institution", in relation to a financial institution ("F"), means F or any other financial institution that is a member of F's group for the purpose of FSMA 2000 (see section 421 of that Act).
(3) Subsections (1) and (2) ar
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