{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2023/schedule-11/paragraph-26",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2023/schedule-11/paragraph-26.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/26",
  "kind": "paragraph",
  "number": "26",
  "heading": "Consequences of a replacement valuation",
  "text": "(1) Where the independent valuation carried out under paragraph 23(1) produces a higher valuation of the net asset value of the CCP than a provisional valuation carried out under paragraph 22(4), the Bank may—\n(a) modify any liability of the CCP which has been reduced, deferred or cancelled by a write-down instrument so as to increase or reinstate that liability, or\n(b) instruct a bridge central counterparty to pay additional consideration—\n(i) to the CCP for any property, rights or liabilities transferred to the bridge central counterparty by a property transfer instrument, or\n(ii) to the previous holders of securities issued by the CCP for any securities transferred to the bridge central counterparty by a share transfer instrument.\n(2) The power in sub-paragraph (1)(a)—\n(a) may not be exercised so as to increase the value of the liability beyond the value it would have had if the write-down instrument which reduced, cancelled or deferred it had not been made, and\n(b) must be exercised by a resolution instrument (whether or not that instrument contains any other provision authorised by this Schedule).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 11 para. 26 not in force at Royal Assent, see s. 86(3)"
    },
    {
      "type": "I",
      "label": "I2",
      "text": "Sch. 11 para. 26 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/26",
    "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."
}