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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 16 December 2016 - onwards
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71C. Temporary manager

(1) If the appropriate regulator is satisfied -

(a) in the case of a relevant firm, that the conditions in section 71D(1), (2) and (4) are met in relation to that firm, or

(b) in the case of a parent undertaking which is not a relevant firm, that the conditions in section 71D(1) and (4) are met in relation to that parent undertaking,

the appropriate regulator may appoint a person to act (or one or more persons to act jointly) as a temporary manager of that firm or that parent undertaking.

(2) Where the appropriate regulator makes an appointment under subsection (1) in relation to a parent undertaking which is not a relevant firm, the regulator may also require the undertaking to remove -

(a) all of its directors;

(b) all of its senior executives.

(3) A temporary manager may be appointed under subsection (1) -

(a) to replace the directors of a relevant firm or a parent undertaking where they have been removed in compliance with a requirement imposed under section 71B or subsection (2),

Comparing proposed amendment...