Regulation 7

Where the Board of a DFHC (Bank) has delegated any of its powers for the oversight of the DFHC (Bank) to an executive committee or any other committee by whatever name described (called in this Part an Executive Committee), consisting of any directors that the Board thinks fit, regulation 5 (other than regulation 5(1)(a)) applies, with the necessary modifications, to the designated financial holding company in respect of the Executive Committee as if the Executive Committee were the Board.