There are currently no known outstanding effects for the Financial Services and Markets Act 2023, Paragraph 114.
114(1)Where the Bank transfers all or part of a CCP’s business to a bridge central counterparty, the Bank must report to the Chancellor of the Exchequer about the activities of the bridge central counterparty.
(2)The first report must be made as soon as is reasonably practicable after the end of one year beginning with the date of the first transfer to the bridge central counterparty.
(3)A report must be made as soon as is reasonably practicable after the end of each subsequent year.
(4)The Chancellor of the Exchequer must lay a copy of each report under sub-paragraph (2) or (3) before Parliament.
(5)The Bank must comply with any request of the Treasury for a report dealing with specified matters in relation to a bridge central counterparty.
(6)A request under sub-paragraph (5) may include provision about—
(a)the content of the report;
(b)timing.
Commencement Information
I1Sch. 11 para. 114 not in force at Royal Assent, see s. 86(3)
I2Sch. 11 para. 114 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)
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