SCHEDULES
SCHEDULE 11Central counterparties
PART 5Special resolution action
I1I237Priority between creditors
1
The Treasury may, for the purpose of ensuring that the treatment of any claims in respect of a CCP’s shares or any liabilities in any write-down instrument is aligned to an appropriate degree with the treatment of claims and liabilities on an insolvency, by regulations specify matters or principles to which the Bank is to be required to have regard in making any such instrument.
2
Regulations under this paragraph may for example—
a
specify the insolvency treatment principles (as defined in paragraph 36(4)) or alternative principles;
b
specify the meaning of “insolvency” for one or more purposes of the regulations.
3
Regulations under this paragraph may amend paragraph 36(4).
4
Regulations under this paragraph are subject to the affirmative procedure.