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The Financial Services and Markets Act 2023 (Resolution of Central Counterparties: Deferment of Provisions in Resolution Instruments) Regulations 2023
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- UK Statutory Instruments
- 2023 No. 1190
- Regulation 2
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Suspension of a provision in a resolution instrument
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2.—(1) The Bank(1) may suspend a provision in a resolution instrument in relation to any person for a maximum period of eighteen months beginning with the date upon which the provision is first suspended.
(2) If the Bank suspends a provision in a resolution instrument for less than the maximum period, it may, on one or more occasions, suspend the provision for a further period, provided that any period of suspension ends no later than the date on which the maximum period ends.
(3) Paragraph (2) applies regardless of whether the decision to suspend the provision for a further period is made before or after the previous period of suspension ends.
(4) Where the Bank suspends more than one provision in the same resolution instrument, it may specify different periods of suspension in respect of each provision.
(5) Where a provision in a resolution instrument applies to more than one person, the Bank may suspend that provision in relation to any, some or all such persons.
(6) Where the Bank suspends a provision in relation to more than one person, it may specify different periods of suspension in respect of each person.
(7) The Bank may end the suspension of a provision in a resolution instrument before the date specified in the notice made under regulation 6 (notice of decision to suspend or waive), without waiving the provision, after carrying out a review under regulation 7 (review of decision to suspend) (and see regulation 8 (subsequent enforcement)).
(1)
“Bank” is defined in paragraph 154 of Schedule 11 to the Financial Services and Markets Act 2023 (interpretation).
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