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Financial Services and Markets Act 2023
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- 31/12/2023- Amendment
- 31/12/2024
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Supplemental resolution instrumentsU.K.
This section has no associated Explanatory Notes
82(1)This paragraph applies where the Bank has made a resolution instrument (“the original instrument”) with respect to a CCP.
(2)The Bank may make, with respect to the CCP, one or more resolution instruments designated by the Bank as supplemental resolution instruments.
(3)Paragraphs 17, 22 and 79(3)(c) do not apply to a supplemental resolution instrument (but it is to be treated in the same way as a resolution instrument for all other purposes, including for the purposes of the application of a power under this Schedule).
(4)Before making a supplemental resolution instrument, the Bank must consult—
(a)if the CCP is a PRA-authorised person, the PRA,
(b)the FCA, and
(c)the Treasury.
(5)The possibility of making a supplemental resolution instrument in reliance on sub-paragraph (2) is without prejudice to the possibility of making a new resolution instrument in accordance with paragraphs 31(1), 32(1), 33(1), 34(1) and 38(1) (and not in reliance on sub-paragraph (2) above).
Commencement Information
I1Sch. 11 para. 82 not in force at Royal Assent, see s. 86(3)
I2Sch. 11 para. 82 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)
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