Regulation 7

Where the board of directors of a regulated institution has delegated any of its powers for the oversight of the regulated institution to an executive committee or any other committee by whatever name described (called in these Regulations the Executive Committee), consisting of such directors as the board of directors thinks fit, regulation 6 (other than regulation 6(1)(a)) applies, with the necessary modifications, to the regulated institution in respect of the Executive Committee as if the Executive Committee were the board of directors.