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Part V Intragroup Arrangements and Management, 18 Employees and Officers of a Group

From: The Law of Financial Services Groups

Charles H R Morris

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2021. All Rights Reserved.date: 20 September 2021

Shadow directors — Banker’s duties

This chapter looks at the human element of financial service groups. Specifically, it considers how directors’ duties, rules relating to senior managers, and rules relating to the remuneration of financial services professionals operate in a group context. The regulation of individuals within the financial services industry—in particular, their duties, responsibilities, and remuneration—is a very significant theme of modern financial regulation which has come under intense scrutiny and change in the wake of the global financial crisis, most significantly with reforms to remuneration across the EU and the introduction of the senior managers regime in the UK. The chapter then studies some of the issues that arise when employees act on behalf of different entities within a group. The most commonly encountered problem—with far-reaching consequences—is the impracticability of maintaining a clear division between roles. If a person is to represent more than one business entity in their day-to-day role, it is necessary to establish and to maintain a clearly identifiable separation between each such function, so that it is clear in which capacity such person is acting.

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