Financial Services and Markets Act 2023

Restriction of partial transfers U.K.

75 (1) In this Schedule, “partial property transfer” means a property transfer instrument which provides for the transfer of some, but not all of the property, rights and liabilities of a CCP.

(2) The Treasury may by regulations—

(a) restrict the making of partial property transfers;

(b) impose conditions on the making of partial property transfers;

(c) require partial property transfers to include specified provision or provision to a specified effect;

(d) provide for a partial property transfer to be void or voidable, or for other consequences (including automatic transfer of other property, rights or liabilities) to arise, if or in so far as the partial property transfer is made or purported to be made in contravention of a provision of the regulations.

(3) Regulations under this paragraph may apply to partial property transfers generally or only to partial property transfers—

(a) of a specified kind, or

(b) made or applying in specified circumstances.

(4) Provision under sub-paragraph (2) may, in particular, refer to particular classes of liabilities.

(5) Regulations under this paragraph are subject to the affirmative procedure.

Commencement Information

I1 Sch. 11 para. 75 not in force at Royal Assent, see s. 86(3)

I2 Sch. 11 para. 75 in force at 29.8.2023 by S.I. 2023/779, reg. 4(ddd)(viii)