Financial Services and Markets Act 2023

Resolution plans

4 (1) The Treasury may by regulations make provision requiring the Bank to create and maintain a resolution plan for each CCP.

(2) The following are examples of provision that regulations under sub-paragraph (1) may make—

(a) provision specifying the information that must be contained in a resolution plan (including provision enabling the Bank to specify such information);

(b) provision requiring CCPs to give specified information to the Bank for the purpose of the Bank creating and maintaining a resolution plan (including provision enabling the Bank to specify the way in which such information is to be given);

(c) provision specifying the form of resolution plans (including provision enabling the Bank to specify the form);

(d) provision requiring the Bank to review resolution plans at specified intervals;

(e) provision requiring the Bank to provide specified information relating to a review to specified persons;

(f) provision requiring the Bank to give specified persons a copy of the resolution plan and any revised plans (including provision about the way in which a copy of a plan is to be given).

(3) Regulations under this paragraph may provide for exemptions.

(4) Regulations under this paragraph are subject to the negative procedure.

(5) In this paragraph “resolution plan”, in relation to a CCP, means a document setting out the actions that the Bank proposes to take in the event that the CCP meets the conditions under paragraph 17 for the exercise of the stabilisation powers.