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.