{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2023/schedule-11/paragraph-150",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2023/schedule-11/paragraph-150.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/150",
  "kind": "paragraph",
  "number": "150",
  "heading": "Remedies on judicial review",
  "text": "(1) Where an application is made for judicial review of a decision of the Bank to exercise the stabilisation powers in relation to a CCP or CCP group company (“relevant proceedings”)—\n(a) a ruling by the court that the decision is unlawful does not affect a relevant transfer or a relevant provision in a stabilisation instrument made by the Bank pursuant to that decision, and\n(b) the court may not quash any provision in a stabilisation instrument made by the Bank if that provision makes a relevant transfer or a relevant provision.\n(2) For the purposes of sub-paragraph (1)—\n(a) “stabilisation instrument” means—\n(i) a share transfer instrument,\n(ii) a property transfer instrument, or\n(iii) a resolution instrument;\n(b) a “relevant provision” in a stabilisation instrument means—\n(i) in relation to a tear-up instrument, provision under paragraph 31(2),\n(ii) in relation to a cash call instrument, provision under paragraph 32(2),\n(iii) in relation to a variation instrument, provision under paragraph 33(2),\n(iv) in relation to a write-down instrument, provision under paragraph 34(2) or 35, and\n(v) in relation to an instrument of control, provision under paragraph 38(2);\n(c) a transfer is a “relevant transfer” if it transfers to any person—\n(i) property, rights or liabilities of the CCP or CCP group company, or of a bridge central counterparty, or\n(ii) securities issued by the CCP, or CCP group company, or of a bridge central counterparty.\n(3) Sub-paragraph (1) does not affect the power of the court, subject to section 244 of the Banking Act 2009 (immunity), to award damages as a remedy in relevant proceedings.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 11 para. 150 not in force at Royal Assent, see s. 86(3)"
    },
    {
      "type": "I",
      "label": "I2",
      "text": "Sch. 11 para. 150 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/150",
    "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."
}