Article 2 Application of this Order

(1)

Articles 3 to 12 of this Order apply in the following cases.

(2)

Case 1 is where a partial property transfer has been made by the Bank in accordance with section 11(2) or 12(2) of the Act.

(3)

Case 2 is where—

(a)

the Bank has made a property transfer instrument in accordance with section 11(2) or 12(2) of the Act (whether or not that instrument is a partial property transfer); and

(b)

a property transfer instrument under section 42, 42A^f1, 43 or 44 of the Act has been made by the Bank which is a partial property transfer.

(4)

Case 3 is where—

(a)

the Bank has made a share transfer instrument in accordance with section 13(2) of the Act, and

(b)

a property transfer instrument has been made by the Bank under section 45^f2 or 46^f3 of the Act which is a partial property transfer.

(5)

For the purposes of this Order, a property transfer instrument which purports to transfer all of the property, rights or liabilities of a recognised central counterparty shall be treated as having done so effectively (and so shall not be treated as a partial property transfer), notwithstanding the possibility that any of the property, rights or liabilities are foreign and may not have been effectively transferred by the property transfer instrument by virtue of steps taken under section 39 of the Act.

Annotations

Footnotes

f1: Section 42A was inserted by the Financial Services Act 2012, section 97(1) and (5).
f2: Subsection (8) was amended by the Financial Services Act 2012, Schedule 17, paragraphs 1 and 24. Subsection (5A) will be inserted when the Financial Services Act 2012, section 98(1),(4) is commenced.
f3: Subsection (1) was amended by the Financial Services Act 2012, section 97(1) and (7)(a). Subsection (3A) was inserted by the Financial Services Act 2012, section 97(1) and (7)(b). Subsection (7) was amended by the Financial Services Act 2012, Schedule 17, paragraphs 1 and 25. Subsection (5A) will be inserted when the Financial Services Act 2012, section 98(1) and (5) is commenced.