Paragraph 106 Stay or sist of legal proceedingsI1I2
United Kingdom
(1)
This paragraph applies where—
(a)
the Bank has exercised a stabilisation power in relation to a CCP or a CCP group company, and
(b)
the CCP or CCP group company is a party to legal proceedings before a court in the United Kingdom.
(2)
The Bank may apply to that court for a stay or sist of proceedings where the Bank reasonably considers that a stay or sist of those proceedings is necessary for an effective application of the stabilisation options or the stabilisation powers.
Annotations
Commencement
- I1
Sch. 11 para. 106 not in force at Royal Assent, see s. 86(3)
- I2
Sch. 11 para. 106 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)