senior management function

136a function defined in section 59ZA of the Act (Senior management functions) which means, in summary (in relation to the carrying on of a regulated activity by an authorised person), any function if:

1. (a) the function will require the person performing it to be responsible for managing one or more aspects of the firm’s affairs, so far as relating to the activity; and
2. (b) those aspects involve, or might involve, a risk of serious consequences:
   1. (i) for the firm; or
   2. (ii) for business or other interests in the United Kingdom.