Priority between creditorsU.K.
37(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.
Commencement Information
I1Sch. 11 para. 37 not in force at Royal Assent, see s. 86(3)
I2Sch. 11 para. 37 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)