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
8 CCP group companies
(1) A partial property transfer— (a) to which this Part applies; and (b) under which the transferor is a relevant company, may not transfer property, rights or liabilities of the company unless the property, rights or liabilities are necessary for the carrying on of relevant business. (2) For these purposes it does not matter whether relevant business has been transferred by a property transfer instrument. (3) In this regulation— “financial institution” has the meaning given by point (26) of Article 4(1) of Regulation (EU) No 575/2013 of the European Parliament and the Council of 26th June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012; “relevant business” means the business, or any part of the business, of a CCP which is (or, but for the exercise of a stabilisation power, would be) in the same group as the relevant company; and “relevant company” means a company, other than a financial institution, which— is a CCP group company in relation to which this Part has effect by virtue of paragraph 118 of the Schedule (paragraph 117: supplemental); and is not a parent undertaking of the CCP in the same group in respect of which the Bank is satisfied for the purposes of paragraph 117(2) of the Schedule (sale to commercial purchaser, transfer to bridge central counterparty and transfer of ownership: conditions for group companies) that the general conditions for the exercise of a stabilisation power are met. (4) For the purpose of the definition of “relevant business”, undertakings are in the same group if they are group undertakings in respect of each other. (5) Expressions defined in the Companies Act 2006 have the same meaning in this regulation as in that Act.
8 CCP group companies
(1) A partial property transfer— (a) to which this Part applies; and (b) under which the transferor is a relevant company, may not transfer property, rights or liabilities of the company unless the property, rights or liabilities are necessary for the carrying on of relevant business. (2) For these purposes it does not matter whether relevant business has been transferred by a property transfer instrument. (3) In this regulation— “financial institution” has the meaning given by point (26) of Article 4(1) of Regulation (EU) No 575/2013 of the European Parliament and the Council of 26th June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012; “relevant business” means the business, or any part of the business, of a CCP which is (or, but for the exercise of a stabilisation power, would be) in the same group as the relevant company; and “relevant company” means a company, other than a financial institution, which— is a CCP group company in relation to which this Part has effect by virtue of paragraph 118 of the Schedule (paragraph 117: supplemental); and is not a parent undertaking of the CCP in the same group in respect of which the Bank is satisfied for the purposes of paragraph 117(2) of the Schedule (sale to commercial purchaser, transfer to bridge central counterparty and transfer of ownership: conditions for group companies) that the general conditions for the exercise of a stabilisation power are met. (4) For the purpose of the definition of “relevant business”, undertakings are in the same group if they are group undertakings in respect of each other. (5) Expressions defined in the Companies Act 2006 have the same meaning in this regulation as in that Act.
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