[F189ERecognition of transferee companyU.K.
(1)The Bank of England may provide for a company to which the business of a [F2recognised central counterparty] is transferred in accordance with section 12(2) to be treated as a [F3recognised central counterparty] for the purposes of the Financial Services and Markets Act 2000—
(a)for a specified period, or
(b)until a specified event occurs.
(2)The provision may have effect—
(a)for a period specified in the instrument, or
(b)until the occurrence of an event specified or described in the instrument.
(3)The power under this section—
(a)may be exercised only with the consent of the Treasury, and
(b)must be exercised by way of provision in a property transfer instrument (or supplemental instrument).]
Textual Amendments
F1Ss. 89B-89G and cross-heading inserted (5.6.2014 for specified purposes, 1.8.2014 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 102(6), 122(3) (with Sch. 20); S.I. 2014/1447, art. 2(h); S.I. 2014/1847, art. 2
F2Words in Act substituted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 25(2) (with regs. 52-58)
F3Words in s. 89E(1) substituted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 25(4) (with regs. 52-58)