SCHEDULES

SCHEDULE 11Central counterparties

PART 5Special resolution action

International obligation notice: general

109

(1)

The Bank may not exercise a stabilisation power in respect of a CCP if the Treasury notify the Bank that the exercise would be likely to contravene an international obligation of the United Kingdom.

(2)

A notice under sub-paragraph (1)—

(a)

must be in writing, and

(b)

may be withdrawn (generally, partially or conditionally).

(3)

If the Treasury give a notice under sub-paragraph (1) the Bank must consider other exercises of the stabilisation powers with a view to—

(a)

pursuing the special resolution objectives, and

(b)

avoiding the objections on which the Treasury’s notice was based.

(4)

The Treasury may by notice to the Bank disapply sub-paragraph (3) in respect of a CCP and a notice may be revoked by further notice.