The Financial Services and Markets Act 2023 (Resolution of Central Counterparties: Partial Property Transfers and Safeguarding of Protected Arrangements) Regulations 2023
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Change 1
15 Remedy
(1) This regulation applies where any person (“P”) considers that an instrument to which this Part applies has been made in contravention of any provision of this Part and that as a result the liabilities owed to P have been affected by the making of write-down provision. (2) P may give notice to the Bank of the alleged contraventions of this Part. (3) The notice under paragraph (2) (“the notice”) must— (a) be given within a period of 60 days beginning with the day on which the instrument was made; (b) be in writing; (c) specify the provision of this Part which is alleged to have been contravened and the manner in which that contravention is alleged to have occurred; and (d) identify the liability to which the alleged contravention relates. (4) P must also, on request, provide such additional information as the Bank may reasonably require. (5) Within the relevant period and acting as soon as reasonably practicable, the Bank must— (a) if it does not agree that a provision of this Part has been contravened in the manner specified in the notice, take the steps specified in paragraph (6); (b) if it agrees that a provision of this Part has been contravened in the manner specified in the notice, take the steps specified in— (i) paragraph (7), where the Bank has not exercised the bridge central counterparty stabilisation option in addition to making write-down provision; or (ii) paragraph (8) where, in addition to having made write-down provision, the Bank has at any time exercised the bridge central counterparty stabilisation option. (6) The steps are to give reasons to P as to why the Bank considers that no provision of this Part has been contravened in the manner specified in the notice. (7) The steps are to remedy the contravention— (a) where practicable— (i) by requiring the CCP to issue securities; or (ii) by transferring securities issued by the CCP, which the Bank estimates to have a value equal to the relevant sum, to P; or (b) otherwise, by requiring the CCP to transfer the relevant sum to P, whether by exercising a power under the Schedule or otherwise. (8) The steps are to remedy the contravention by either— (a) requiring the CCP or bridge central counterparty to issue securities which the Bank estimates to have a value equal to the relevant sum to P; (b) transferring securities issued by the CCP or bridge central counterparty which the Bank estimates to have a value equal to the relevant sum to P; or (c) requiring the CCP or bridge central counterparty to transfer the relevant sum to P, whether by exercising a power under the Schedule or otherwise. (9) In this regulation— “relevant period” has the meaning given in regulation 16; “relevant sum” means such sum as the Bank considers necessary to put P in the position P would have been in had the contravention not occurred.
15 Remedy
(1) This regulation applies where any person (“P”) considers that an instrument to which this Part applies has been made in contravention of any provision of this Part and that as a result the liabilities owed to P have been affected by the making of write-down provision. (2) P may give notice to the Bank of the alleged contraventions of this Part. (3) The notice under paragraph (2) (“the notice”) must— (a) be given within a period of 60 days beginning with the day on which the instrument was made; (b) be in writing; (c) specify the provision of this Part which is alleged to have been contravened and the manner in which that contravention is alleged to have occurred; and (d) identify the liability to which the alleged contravention relates. (4) P must also, on request, provide such additional information as the Bank may reasonably require. (5) Within the relevant period and acting as soon as reasonably practicable, the Bank must— (a) if it does not agree that a provision of this Part has been contravened in the manner specified in the notice, take the steps specified in paragraph (6); (b) if it agrees that a provision of this Part has been contravened in the manner specified in the notice, take the steps specified in— (i) paragraph (7), where the Bank has not exercised the bridge central counterparty stabilisation option in addition to making write-down provision; or (ii) paragraph (8) where, in addition to having made write-down provision, the Bank has at any time exercised the bridge central counterparty stabilisation option. (6) The steps are to give reasons to P as to why the Bank considers that no provision of this Part has been contravened in the manner specified in the notice. (7) The steps are to remedy the contravention— (a) where practicable— (i) by requiring the CCP to issue securities; or (ii) by transferring securities issued by the CCP, which the Bank estimates to have a value equal to the relevant sum, to P; or (b) otherwise, by requiring the CCP to transfer the relevant sum to P, whether by exercising a power under the Schedule or otherwise. (8) The steps are to remedy the contravention by either— (a) requiring the CCP or bridge central counterparty to issue securities which the Bank estimates to have a value equal to the relevant sum to P; (b) transferring securities issued by the CCP or bridge central counterparty which the Bank estimates to have a value equal to the relevant sum to P; or (c) requiring the CCP or bridge central counterparty to transfer the relevant sum to P, whether by exercising a power under the Schedule or otherwise. (9) In this regulation— “relevant period” has the meaning given in regulation 16; “relevant sum” means such sum as the Bank considers necessary to put P in the position P would have been in had the contravention not occurred.
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