Article 7 Trusts
A partial property transfer to which this Order applies which makes provision under section 34(7)(a) of the Actf1 may remove or alter the terms of the trust (howsoever arising) only to the extent necessary or expedient for the purpose of transferring from the recognised central counterparty to the transferee—
(a)
the legal or beneficial interest of the recognised central counterparty in the property held on trust;
(b)
any powers, rights or obligations of the recognised central counterparty in respect of the property held on trust.
Annotations
Footnotes
- f1
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Subsection (7) will be amended when the Financial Services Act 2012, section 98(1),(2) is commenced.