Paragraph 101 Stay on terminating membershipI1I2
United Kingdom
This paragraph applies where the Bank has made a resolution instrument, share transfer instrument or a property transfer instrument in relation to a CCP.
A clearing member of the CCP may not at any time during the relevant period terminate their membership of the CCP.
The “relevant period” for the purposes of sub-paragraph (2) is the period of 48 hours beginning with the time the instrument in question comes into force.
A resolution instrument, share transfer instrument or property transfer instrument in relation to a CCP may provide for sub-paragraph (2)—
not to apply in relation to clearing members of the CCP, or
to apply in relation to clearing members of the CCP only to the extent specified by the Bank in the instrument.
Provision may be made under sub-paragraph (4) only if the Bank considers that such provision would advance one or more of the special resolution objectives.
Annotations
Commencement
- I1
Sch. 11 para. 101 not in force at Royal Assent, see s. 86(3)
- I2
Sch. 11 para. 101 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)