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
7 Additional restrictions on reverse transfers
(1) This regulation applies to a partial property transfer to which this Part applies which is made by the Bank under paragraph 70 or 72 of the Schedule. (2) Subject to paragraph (3), a partial property transfer to which this regulation applies may not provide for the transfer of— (a) any property, rights or liabilities which were not transferred under the original instrument; or (b) any liability which was not, at the time immediately before the original instrument was made, a liability owed by the CCP. (3) Paragraph (2) does not apply to— (a) a transfer of property, rights or liabilities which have accrued, become or ceased to become payable, changed or lapsed as a result of the application of a default event provision which applies by virtue of the original instrument; (b) a transfer of property, rights or liabilities to which consent has been given by the transferee, the transferor and any other person whose consent for the transfer would be required were the transfer not being effected by a property transfer instrument; (c) a transfer of a claim for damages or an award of damages against the CCP which was in existence immediately before the original instrument was made; (d) a transfer to an undertaking which has not entered into insolvency; or (e) a transfer under regulation 11(7). (4) In this regulation— (a) “original instrument” has the meaning given by paragraph 70 or 72 of the Schedule; and (b) the reference to insolvency includes a reference to— (i) liquidation; (ii) bank insolvency; (iii) administration; (iv) bank administration; (v) receivership; (vi) a composition with creditors; and (vii) a scheme of arrangement.
7 Additional restrictions on reverse transfers
(1) This regulation applies to a partial property transfer to which this Part applies which is made by the Bank under paragraph 70 or 72 of the Schedule. (2) Subject to paragraph (3), a partial property transfer to which this regulation applies may not provide for the transfer of— (a) any property, rights or liabilities which were not transferred under the original instrument; or (b) any liability which was not, at the time immediately before the original instrument was made, a liability owed by the CCP. (3) Paragraph (2) does not apply to— (a) a transfer of property, rights or liabilities which have accrued, become or ceased to become payable, changed or lapsed as a result of the application of a default event provision which applies by virtue of the original instrument; (b) a transfer of property, rights or liabilities to which consent has been given by the transferee, the transferor and any other person whose consent for the transfer would be required were the transfer not being effected by a property transfer instrument; (c) a transfer of a claim for damages or an award of damages against the CCP which was in existence immediately before the original instrument was made; (d) a transfer to an undertaking which has not entered into insolvency; or (e) a transfer under regulation 11(7). (4) In this regulation— (a) “original instrument” has the meaning given by paragraph 70 or 72 of the Schedule; and (b) the reference to insolvency includes a reference to— (i) liquidation; (ii) bank insolvency; (iii) administration; (iv) bank administration; (v) receivership; (vi) a composition with creditors; and (vii) a scheme of arrangement.
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