OpenLegislation

Paragraph 49 Supplemental instrumentsI1I2

United Kingdom

(1)

This paragraph applies where the Bank has made a share transfer instrument, in respect of securities issued by a CCP, in accordance with paragraph 27(2), 29(3) or 30(2) (“the original instrument”).

(2)

The Bank may make one or more supplemental share transfer instruments.

(3)

A supplemental share transfer instrument is a share transfer instrument which—

(a)

provides for the transfer of securities which were issued by the CCP before the original instrument and have not been transferred by the original instrument or another supplemental share transfer instrument;

(b)

makes provision of a kind that a share transfer instrument may make under paragraph 41(1)(b) (whether or not in connection with a transfer under the original instrument).

(4)

Paragraphs 17 and 19 do not apply to a supplemental share transfer instrument (but it is to be treated in the same way as any other share transfer instrument for all other purposes, including for the purposes of the application of a power under this Schedule).

(5)

Before making a supplemental share transfer instrument the Bank must consult—

(a)

if the CCP is a PRA-authorised person, the PRA,

(b)

the FCA, and

(c)

the Treasury.

(6)

The possibility of making a supplemental share transfer instrument in reliance on sub-paragraph (2) is without prejudice to the possibility of making a new instrument in accordance with paragraphs 27(2), 29(3) and 30(2) (and not in reliance on sub-paragraph (2) above).

(7)

Paragraph 48 applies where the Bank has made a supplemental share transfer instrument.

Annotations

Commencement

I1

Sch. 11 para. 49 not in force at Royal Assent, see s. 86(3)

I2

Sch. 11 para. 49 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)