OpenLegislation

Paragraph 68 Private sector purchaser: reverse property transferI1I2

United Kingdom

(1)

This paragraph applies where the Bank has made a property transfer instrument in accordance with paragraph 27(2) (“the original instrument”) providing for the transfer of property, rights or liabilities of a CCP to a person (“the original transferee”).

(2)

The Bank may make one or more private sector reverse property transfer instruments in respect of property, rights or liabilities of the original transferee.

(3)

A private sector reverse property transfer instrument is a property transfer instrument which—

(a)

provides for transfer to the transferor under the original instrument;

(b)

makes other provision for the purposes of, or in connection with, the transfer of property, rights or liabilities that are, could be or could have been transferred under paragraph (a) (whether the transfer has been or is to be effected by that instrument or otherwise).

(4)

The Bank must not make a private sector reverse property transfer instrument without the written consent of the original transferee.

(5)

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

(6)

Before making a private sector reverse property transfer instrument the Bank must consult—

(a)

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

(b)

the FCA, and

(c)

the Treasury.

(7)

Paragraph 64 applies where the Bank has made a private sector reverse property transfer instrument.

Annotations

Commencement

I1

Sch. 11 para. 68 not in force at Royal Assent, see s. 86(3)

I2

Sch. 11 para. 68 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)