(1) A relevant recognised body must take reasonable care to ensure that a person does not perform a designated senior management function in relation to the carrying on of an activity by the body, unless the person is acting in accordance with an approval given by the appropriate regulator under this section.
(2) Subsection (1) applies only in relation to a function performed under -
(a) an arrangement entered into by the relevant recognised body, or
(b) an arrangement entered into by a contractor of the relevant recognised body.
(3) "Designated senior management function" means a function of a description specified in rules made by the appropriate regulator.
(4) The appropriate regulator may specify a description of function under subsection (3) only if it is satisfied that the function is a senior management function.
(5) A function is a "senior management function" in relation to the carrying on of a relevant recognised body's activities if -
(a) the function will require the person
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