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Paragraph 52 Bridge central counterparties: share transfersI1I2

United Kingdom

(1)

This paragraph applies where the Bank has made a property transfer instrument or share transfer instrument in respect of a bridge central counterparty in accordance with paragraph 29(3) (“the original instrument”).

(2)

The Bank may make one or more bridge central counterparty share transfer instruments.

(3)

A bridge central counterparty share transfer instrument is a share transfer instrument which—

(a)

provides for securities issued by the bridge central counterparty to be transferred;

(b)

makes other provision for the purposes of, or in connection with, the transfer of securities issued by the bridge central counterparty (whether the transfer has been or is to be effected by that instrument, by another share transfer instrument or otherwise).

(4)

Paragraphs 17 and 19 do not apply to a bridge central counterparty 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 bridge central counterparty 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)

Paragraph 48 applies where the Bank has made a bridge central counterparty share transfer instrument.

Annotations

Commencement

I1

Sch. 11 para. 52 not in force at Royal Assent, see s. 86(3)

I2

Sch. 11 para. 52 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)