Remedies on judicial reviewU.K.
150(1)Where an application is made for judicial review of a decision of the Bank to exercise the stabilisation powers in relation to a CCP or CCP group company (“relevant proceedings”)—
(a)a ruling by the court that the decision is unlawful does not affect a relevant transfer or a relevant provision in a stabilisation instrument made by the Bank pursuant to that decision, and
(b)the court may not quash any provision in a stabilisation instrument made by the Bank if that provision makes a relevant transfer or a relevant provision.
(2)For the purposes of sub-paragraph (1)—
(a)“stabilisation instrument” means—
(i)a share transfer instrument,
(ii)a property transfer instrument, or
(iii)a resolution instrument;
(b)a “relevant provision” in a stabilisation instrument means—
(i)in relation to a tear-up instrument, provision under paragraph 31(2),
(ii)in relation to a cash call instrument, provision under paragraph 32(2),
(iii)in relation to a variation instrument, provision under paragraph 33(2),
(iv)in relation to a write-down instrument, provision under paragraph 34(2) or 35, and
(v)in relation to an instrument of control, provision under paragraph 38(2);
(c)a transfer is a “relevant transfer” if it transfers to any person—
(i)property, rights or liabilities of the CCP or CCP group company, or of a bridge central counterparty, or
(ii)securities issued by the CCP, or CCP group company, or of a bridge central counterparty.
(3)Sub-paragraph (1) does not affect the power of the court, subject to section 244 of the Banking Act 2009 (immunity), to award damages as a remedy in relevant proceedings.
Commencement Information
I1Sch. 11 para. 150 not in force at Royal Assent, see s. 86(3)
I2Sch. 11 para. 150 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)