# Financial Services and Markets Act 2023, Paragraph 150: Remedies on judicial review

Extent: E+W+S+N.I.

(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”)—
(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
(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.
(2) For the purposes of sub-paragraph (1)—
(a) “stabilisation instrument” means—
(i) a share transfer instrument,
(ii) a property transfer instrument, or
(iii) a resolution instrument;
(b) a “relevant provision” in a stabilisation instrument means—
(i) in relation to a tear-up instrument, provision under paragraph 31(2),
(ii) in relation to a cash call instrument, provision under paragraph 32(2),
(iii) in relation to a variation instrument, provision under paragraph 33(2),
(iv) in relation to a write-down instrument, provision under paragraph 34(2) or 35, and
(v) in relation to an instrument of control, provision under paragraph 38(2);
(c) a transfer is a “relevant transfer” if it transfers to any person—
(i) property, rights or liabilities of the CCP or CCP group company, or of a bridge central counterparty, or
(ii) securities issued by the CCP, or CCP group company, or of a bridge central counterparty.
(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.

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Source: https://www.legislation.gov.uk/ukpga/2023/29/schedule/11/paragraph/150 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2023/schedule-11/paragraph-150
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.