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Paragraph 5 Removal of directors and senior managersI1I2

United Kingdom

(1)

If the Bank is satisfied that the conditions in paragraph 7(1) and (2) are met in relation to a CCP, the Bank may require the CCP to remove—

(a)

any person who is a director of the CCP;

(b)

any person who is a senior manager of the CCP.

(2)

If the Bank imposes a requirement under sub-paragraph (1), the Bank may also require the CCP—

(a)

to replace a director or senior manager who has been removed, and

(b)

to take any step needed to give effect to the replacement, including, where necessary, calling a general meeting of the CCP’s shareholders or, if the CCP is an unincorporated association, its members.

(3)

If the Bank is satisfied that the condition in paragraph 7(5) is met in relation to a person who is a director of a CCP, the Bank may require that CCP to remove that person from the board of directors.

(4)

Nothing in this Schedule affects the powers under Article 31 of EMIR or paragraphs 45 and 58.

Annotations

Commencement

I1

Sch. 11 para. 5 not in force at Royal Assent, see s. 86(3)

I2

Sch. 11 para. 5 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)