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
16 Remedy: relevant period
(1) In regulation 15(5) (remedy), the “relevant period” means— (a) a period of 120 days beginning with the day on which the notice under regulation 15(2) is received (“the initial period”); and (b) any period by which the initial period is extended under paragraph (2) or paragraphs (2) and (3). (2) The Bank may extend the initial period by a period of up to 120 days if the condition in paragraph (4) is met (“the initial period and first extended period”). (3) The Bank may extend the initial period and first extended period by a period of up to 120 days if the condition in paragraph (4) is met. (4) The condition is that the Bank considers that the matters raised in the notice under regulation 15(2) are of such complexity that it is impracticable to take a decision without granting the extension. (5) Where the Bank extends time under paragraph (2) or (3), the Bank must as soon as reasonably practicable inform the person who gave the notice under regulation 15(2) of the extension of time and the duration of the extension.
16 Remedy: relevant period
(1) In regulation 15(5) (remedy), the “relevant period” means— (a) a period of 120 days beginning with the day on which the notice under regulation 15(2) is received (“the initial period”); and (b) any period by which the initial period is extended under paragraph (2) or paragraphs (2) and (3). (2) The Bank may extend the initial period by a period of up to 120 days if the condition in paragraph (4) is met (“the initial period and first extended period”). (3) The Bank may extend the initial period and first extended period by a period of up to 120 days if the condition in paragraph (4) is met. (4) The condition is that the Bank considers that the matters raised in the notice under regulation 15(2) are of such complexity that it is impracticable to take a decision without granting the extension. (5) Where the Bank extends time under paragraph (2) or (3), the Bank must as soon as reasonably practicable inform the person who gave the notice under regulation 15(2) of the extension of time and the duration of the extension.
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