C1Part 1Special Resolution Regime

Annotations:
Modifications etc. (not altering text)

Incidental functions

I170Continuity obligations: termination

1

The continuity authority may by notice terminate an obligation arising under section 63 or 66.

2

The power under subsection (1) is exerciseable by giving a notice to each person—

a

on whom the obligation is imposed, or

b

who has benefited or might have expected to benefit from the obligation.

3

In this section “continuity authority”—

a

in relation to section 63, means the Bank of England, and

b

in relation to section 66, has the same meaning as in that section.

4

A reference in subsection (1) to obligations under a section includes a reference to obligations under that section as applied under section 65 or 68.