{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2023/schedule-11/paragraph-117",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2023/schedule-11/paragraph-117.json",
  "legislation": "ukpga/2023/29",
  "legislation_title": "Financial Services and Markets Act 2023",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2023",
  "path": "schedule/11/paragraph/117",
  "kind": "paragraph",
  "number": "117",
  "heading": "Sale to commercial purchaser, transfer to bridge central counterparty and transfer of ownership: conditions for group companies",
  "text": "(1) The Bank may exercise a stabilisation power in respect of a CCP group company in accordance with paragraph 27(2), 29(3) or 30(2) if each of the following conditions is met.\n(2) Condition 1 is that the Bank is satisfied that the general conditions for the exercise of a stabilisation power set out in paragraph 17 are met in respect of a CCP in the same group.\n(3) Condition 2 (which does not apply in a financial assistance case) is that the Bank is satisfied that the exercise of the power in respect of the CCP group company is necessary, having regard to the public interest in—\n(a) the stability of the UK financial system, and\n(b) the maintenance of public confidence in the stability of that system.\n(4) Condition 3 (which applies only in a financial assistance case) is that—\n(a) the Treasury have recommended the Bank to exercise a stabilisation power on the grounds that it is necessary to protect the public interest, and\n(b) in the Bank’s opinion, exercise of the power in respect of the CCP group company is an appropriate way to provide that protection.\n(5) Condition 4 is that the CCP group company is an undertaking incorporated in, or formed under the law of any part of, the United Kingdom.\n(6) Before determining whether Condition 2 or 3 (as appropriate) is met, the Bank must consult—\n(a) the Treasury,\n(b) if the CCP is a PRA-authorised person, the PRA, and\n(c) the FCA.\n(7) In exercising a stabilisation power in reliance on this paragraph the Bank must have regard to the need to minimise the effect of the exercise of the power on other undertakings in the same group.\n(8) In this paragraph “financial assistance case” means a case in which the Treasury notify the Bank that they have provided financial assistance in respect of a CCP in the same group for the purpose of resolving or reducing a serious threat to the stability of the UK financial system.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 11 para. 117 not in force at Royal Assent, see s. 86(3)"
    },
    {
      "type": "I",
      "label": "I2",
      "text": "Sch. 11 para. 117 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2023/29/schedule/11/paragraph/117",
    "retrieved_at": "2026-10-29T08:52:13.792774+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}