SCHEDULES

SCHEDULE 11Central counterparties

PART 5Special resolution action

I1I2107Insolvency proceedings

1

This paragraph applies to a CCP if—

a

a stabilisation power has been exercised in respect of the CCP, or

b

the conditions in paragraph 17 are met in relation to the CCP.

2

Insolvency proceedings may not be commenced in relation to the CCP except by, or with the consent of, the Bank.

3

For the purposes of sub-paragraph (2), the commencement of insolvency proceedings means—

a

making an application for an administration order,

b

presenting a petition for winding up,

c

proposing a resolution for voluntary winding up, or

d

appointing an administrator.