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Paragraph 73 Bridge central counterparty: supplemental property transfer powersI1I2

United Kingdom

(1)

This paragraph applies where the Bank has made a share transfer instrument in accordance with paragraph 29(3) (“the original instrument”) providing for the transfer of securities issued by a CCP (“the CCP”) to a bridge central counterparty.

(2)

The Bank may make one or more property transfer instruments in relation to the CCP (“bridge central counterparty supplemental property transfer instruments”).

(3)

A bridge central counterparty supplemental property transfer instrument is an instrument which—

(a)

provides for property, rights or liabilities of the CCP to be transferred (whether accruing or arising before or after the original instrument);

(b)

makes other provision for the purposes of, or in connection with, the transfer of property, rights or liabilities of the CCP (whether the transfer has been or is to be effected by the instrument or otherwise).

(4)

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

(5)

Before making a bridge central counterparty supplemental 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.

(6)

The possibility of making a bridge central counterparty supplemental property transfer instrument in reliance on sub-paragraph (2) is without prejudice to the possibility of making a property transfer instrument in accordance with paragraph 29(3) (and not in reliance on sub-paragraph (2) above).

(7)

Paragraph 64 applies where the Bank has made a bridge central counterparty supplemental property transfer instrument.

Annotations

Commencement

I1

Sch. 11 para. 73 not in force at Royal Assent, see s. 86(3)

I2

Sch. 11 para. 73 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)