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7(1)The condition in this sub-paragraph is met if—
(a)there is a significant deterioration in the financial situation of the CCP, or
(b)there is a serious infringement by the CCP of—
(i)a relevant requirement, or
(ii)its rules.
(2)The condition in this sub-paragraph is met if it is not reasonably likely that the deterioration would be reversed or the infringement would be brought to an end by any measure which could be taken by the Bank under the provisions listed in sub-paragraph (3).
(3)The provisions mentioned in sub-paragraph (2) are—
(a)section 296 or 296A of FSMA 2000 (power to direct CCPs);
(b)paragraph 13 (power to impose stay on distributions).
(4)The condition in this sub-paragraph is met if the imposition of one or more requirements under paragraph 5 (removal and replacement of directors and senior managers) would not be sufficient to reverse the deterioration or bring the infringement to an end.
(5)The condition in this sub-paragraph is met in relation to a director of a CCP, if the director—
(a)is no longer of sufficiently good repute to perform their duties,
(b)no longer possesses sufficient knowledge, skills, experience, honesty, integrity or independence of mind to perform their duties, or
(c)is no longer able to commit sufficient time to perform their duties.
(6)For the purposes of this paragraph—
(a)“relevant requirement” means a requirement imposed by or under—
(i)FSMA 2000;
(ii)EMIR;
(iii)another enactment (or provision of an enactment) specified in regulations made by the Treasury;
(b)a deterioration in the financial situation of a CCP is significant if the deterioration places the CCP at risk of meeting condition 1 under paragraph 17.
(7)Regulations under this paragraph are subject to the negative procedure.
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