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Paragraph 21 Restrictions on use of certain resolution powersI1I2

United Kingdom

(1)

Where the Bank has exercised the first stabilisation option (private sector purchaser) in respect of a CCP it may only exercise the relevant resolution powers in relation to the residual CCP.

(2)

Where the Bank has exercised the third stabilisation option (transfer of ownership) in respect of a CCP it may only exercise the relevant resolution powers in respect of the CCP where the transferee under paragraph 30 is—

(a)

the Bank,

(b)

a company wholly owned by the Bank or the Treasury, or

(c)

a nominee of the Treasury.

(3)

In this paragraph—

  • “relevant resolution powers” means any of the resolution powers under paragraphs 27 to 38;

  • the “residual CCP” means the CCP all or part of whose business has been transferred in accordance with paragraph 27(2).

Annotations

Commencement

I1

Sch. 11 para. 21 not in force at Royal Assent, see s. 86(3)

I2

Sch. 11 para. 21 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)