{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2023/schedule-11/paragraph-28",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2023/schedule-11/paragraph-28.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/28",
  "kind": "paragraph",
  "number": "28",
  "heading": "Private sector purchaser: marketing",
  "text": "(1) Subject to sub-paragraph (4) and (5), the Bank must make arrangements for marketing—\n(a) any securities issued by the CCP which the Bank intends to transfer by a share transfer instrument under paragraph 27(2)(a), or\n(b) any property, rights or liabilities of the CCP which the Bank intends to transfer by a property transfer instrument under paragraph 27(2)(b).\n(2) The arrangements under sub-paragraph (1) must—\n(a) be as transparent as possible having regard to the circumstances and the need to maintain financial stability;\n(b) ensure there is no conflict of interest;\n(c) take account of the need for the Bank to act quickly to address the situation where a CCP is failing or likely to fail;\n(d) aim at maximising, as far as possible, the sale price for the property, rights or liabilities involved.\n(3) The arrangements under sub-paragraph (1) must not—\n(a) materially misrepresent the securities, property, rights or liabilities which the Bank intends to transfer;\n(b) favour or discriminate between potential purchasers or grant an unfair advantage to a potential purchaser.\n(4) Sub-paragraph (1) does not apply if the Bank considers that complying with that sub-paragraph would undermine one or more of the special resolution objectives.\n(5) In particular sub-paragraph (1) does not apply if the Bank considers that—\n(a) there is a material threat to financial stability in the United Kingdom arising from or aggravated by the failure or likely failure of the CCP, and\n(b) complying with sub-paragraph (1) would undermine the effectiveness of the first stabilisation option in addressing that threat or achieving the objective in paragraph 15(4).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 11 para. 28 not in force at Royal Assent, see s. 86(3)"
    },
    {
      "type": "I",
      "label": "I2",
      "text": "Sch. 11 para. 28 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/28",
    "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."
}