SCHEDULES
SCHEDULE 11Central counterparties
PART 4Removal of directors and senior managers
I1I29Temporary manager: instrument of appointment
1
The power in paragraph 6(1) is to be exercised by an instrument of appointment.
2
The instrument of appointment must—
a
specify the functions of the temporary manager,
b
specify the date on which the appointment of the temporary manager has effect,
c
specify the period for which the temporary manager is appointed, and
d
make provision for the resignation and replacement of the person who is appointed as the temporary manager.
3
The instrument of appointment may—
a
require the temporary manager to consult the Bank or other specified person before exercising specified functions,
b
specify particular matters on which the Bank or other specified person must be consulted, and
c
provide that the temporary manager is not to exercise specified functions without the consent of the Bank or other specified person.
4
The instrument of appointment may require the temporary manager to make reports to the Bank, at specified times or intervals, on—
a
the financial position of the CCP,
b
the actions taken by the temporary manager during the course of the temporary manager‘s appointment, and
c
any other specified matters.
5
The instrument of appointment may provide for the payment of remuneration and allowances to a temporary manager.
6
Provision under sub-paragraph (5) may provide that the amounts are—
a
to be paid by the Bank, or
b
to be determined by the Bank and paid by the CCP.
7
If a temporary manager—
a
is appointed to replace the directors of the CCP, or
b
is appointed to work with the directors of the CCP and has the power to represent the CCP,
the Bank must publish the instrument of appointment on its website.