Schedule 11: Central counterparties Part 5 – Special resolution action Shadow directors etc
Paragraph 39 applies where the Bank has used one or more stabilisation options mentioned in paragraph 1(3) unless the CCP has ceased to be subject to the exercise of any stabilisation power mentioned in paragraph 1(4), and clarifies that relevant persons (e.g. the Bank, someone working for or acting for the Bank, or a temporary manager appointed under paragraph 6) are not to be treated as a shadow director of a CCP, or a director or someone who discharges managerial responsibilities for the purposes of the relevant enactments.