53(1)This paragraph applies where the Bank has made a bridge central counterparty share transfer instrument in accordance with paragraph 52(2) (“the original instrument”).
(2)The Bank may make one or more bridge central counterparty reverse share transfer instruments in respect of securities issued by the bridge central counterparty and held by a transferee under the original instrument.
(3)A bridge central counterparty reverse share transfer instrument is a share 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 securities which are, could be or could have been transferred under paragraph (a).
(4)The Bank must not make a bridge central counterparty reverse share transfer instrument unless—
(a)the transferee under the original instrument is—
(i)a company wholly owned by the Bank,
(ii)a company wholly owned by the Treasury, or
(iii)a nominee of the Treasury, or
(b)the bridge central counterparty reverse share transfer instrument is made with the written consent of the transferee under the original instrument.
(5)Paragraphs 17 and 19 do not apply to a bridge central counterparty reverse 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).
(6)Before making a bridge central counterparty reverse 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.
(7)Paragraph 48 applies where the Bank has made a bridge central counterparty reverse share transfer instrument.
Commencement Information
I1Sch. 11 para. 53 not in force at Royal Assent, see s. 86(3)
I2Sch. 11 para. 53 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)