Financial Services and Markets Act 2023

Transfer of ownership and private sector purchaser: property transfer U.K.

71 (1) This paragraph applies where the Bank has made a share transfer instrument, in respect of securities issued by a CCP, in accordance with paragraph 27(2) or 30(2) (“the original instrument”).

(2) The Bank may make one or more property transfer instruments.

(3) A property transfer instrument is an instrument which—

(a) provides for property, rights or liabilities of the CCP to be transferred (whether accruing or arising before or after the original instrument);

(b) makes other provision for the purposes of, or in connection with, the transfer of property, rights or liabilities of the CCP (whether the transfer has been or is to be effected by the instrument or otherwise).

(4) The Bank may not make a property transfer instrument in accordance with this paragraph unless the original instrument transferred securities to—

(a) the Bank,

(b) a company wholly owned by the Bank or the Treasury, or

(c) a nominee of the Treasury.

(5) Paragraphs 17 and 19 do not apply to a property transfer instrument made in accordance with this paragraph.

(6) Before making a property transfer instrument in accordance with this paragraph, the Bank must consult—

(a) if the CCP is a PRA-authorised person, the PRA, and

(b) the FCA.

(7) Paragraph 64 applies where the Bank has made a property transfer instrument in accordance with this paragraph.

Commencement Information

I1 Sch. 11 para. 71 not in force at Royal Assent, see s. 86(3)

I2 Sch. 11 para. 71 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)