# Financial Services and Markets Act 2023, Paragraph 28: Private sector purchaser: marketing

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

(1) Subject to sub-paragraph (4) and (5), the Bank must make arrangements for marketing—
(a) any securities issued by the CCP which the Bank intends to transfer by a share transfer instrument under paragraph 27(2)(a), or
(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).
(2) The arrangements under sub-paragraph (1) must—
(a) be as transparent as possible having regard to the circumstances and the need to maintain financial stability;
(b) ensure there is no conflict of interest;
(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;
(d) aim at maximising, as far as possible, the sale price for the property, rights or liabilities involved.
(3) The arrangements under sub-paragraph (1) must not—
(a) materially misrepresent the securities, property, rights or liabilities which the Bank intends to transfer;
(b) favour or discriminate between potential purchasers or grant an unfair advantage to a potential purchaser.
(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.
(5) In particular sub-paragraph (1) does not apply if the Bank considers that—
(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
(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).

---
Source: https://www.legislation.gov.uk/ukpga/2023/29/schedule/11/paragraph/28 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2023/schedule-11/paragraph-28
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.