[(1) This section has effect for determining whether a function is for the purposes of section 59(6) or (6A) a senior management function.
(2) A function is a “senior management function”, in relation to the carrying on of a regulated activity by an authorised person, if—
(a) the function will require the person performing it to be responsible for managing one or more aspects of the authorised person's affairs, so far as relating to the activity, and
(b) those aspects involve, or might involve, a risk of serious consequences—
(i) for the authorised person, or
(ii) for business
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