OpenLegislation

Paragraph 109 International obligation notice: generalI1I2

United Kingdom

(1)

The Bank may not exercise a stabilisation power in respect of a CCP if the Treasury notify the Bank that the exercise would be likely to contravene an international obligation of the United Kingdom.

(2)

A notice under sub-paragraph (1)—

(a)

must be in writing, and

(b)

may be withdrawn (generally, partially or conditionally).

(3)

If the Treasury give a notice under sub-paragraph (1) the Bank must consider other exercises of the stabilisation powers with a view to—

(a)

pursuing the special resolution objectives, and

(b)

avoiding the objections on which the Treasury’s notice was based.

(4)

The Treasury may by notice to the Bank disapply sub-paragraph (3) in respect of a CCP and a notice may be revoked by further notice.

Annotations

Commencement

I1

Sch. 11 para. 109 not in force at Royal Assent, see s. 86(3)

I2

Sch. 11 para. 109 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)