Bridge central counterparty: supplemental reverse property transfer powersU.K.
74(1)This paragraph applies where the Bank has made a bridge central counterparty supplemental property transfer instrument in accordance with paragraph 73 (“the original instrument”).
(2)The Bank may make one or more reverse property transfer instruments (“bridge central counterparty supplemental reverse property transfer instruments”) in respect of property, rights or liabilities of the transferee under the original instrument.
(3)A bridge central counterparty supplemental reverse property transfer instrument is an instrument which—
(a)provides for transfer to the transferor under the original instrument;
(b)makes other provision for the purposes of, or in connection with, the transfer of property, rights or liabilities which are, could be or could have been transferred under paragraph (a) (whether the transfer has been or is to be effected by that instrument or otherwise).
(4)Paragraphs 17 and 19 do not apply to a bridge central counterparty supplemental reverse property transfer instrument (but it is to be treated in the same way as any other property transfer instrument for all other purposes including for the purposes of the application of a power under this Schedule).
(5)The Bank must not make a bridge central counterparty supplemental reverse property transfer instrument unless—
(a)the transferee under the original instrument is—
(i)a company wholly owned by the Bank of England,
(ii)a company wholly owned by the Treasury, or
(iii)a nominee of the Treasury, or
(b)it is made with the written consent of the transferee under the original instrument.
(6)Before making a bridge central counterparty supplemental reverse property transfer instrument the Bank must consult—
(a)if the CCP is a PRA-authorised person, the PRA,
(b)the FCA, and
(c)the Treasury.
(7)Paragraph 64 applies where the Bank has made a bridge central counterparty supplemental property transfer instrument.
Commencement Information
I1Sch. 11 para. 74 not in force at Royal Assent, see s. 86(3)
I2Sch. 11 para. 74 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)