The Resolution of Central Counterparties (Modified Application of Corporate Law and Consequential Amendments) Regulations 2023
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Change 1
2 Interpretation
(1) In this Part— “the Schedule” means Schedule 11 to the Financial Services and Markets Act 2023; “the use of CCP resolution tools, powers and mechanisms” means— the exercise by the Bank of a stabilisation power within the meaning of paragraph 1(4) of the Schedule; or the exercise by the Treasury of its powers as described in paragraph 157 of the Schedule. (2) Terms which are defined in the Schedule have the same meaning for the purposes of these Regulations. (3) For the purposes of this Part— (a) a company is a company under resolution if it is a UK-registered company in respect of which the Bank has exercised its powers under the Schedule, but (b) such a company is not a company under resolution if— (i) it has ceased to be subject to the exercise of a stabilisation power; and (ii) the results which are to be achieved by an instrument made in respect of the company under the Schedule have been achieved.
2 Interpretation
(1) In this Part— “the Schedule” means Schedule 11 to the Financial Services and Markets Act 2023; “the use of CCP resolution tools, powers and mechanisms” means— the exercise by the Bank of a stabilisation power within the meaning of paragraph 1(4) of the Schedule; or the exercise by the Treasury of its powers as described in paragraph 157 of the Schedule. (2) Terms which are defined in the Schedule have the same meaning for the purposes of these Regulations. (3) For the purposes of this Part— (a) a company is a company under resolution if it is a UK-registered company in respect of which the Bank has exercised its powers under the Schedule, but (b) such a company is not a company under resolution if— (i) it has ceased to be subject to the exercise of a stabilisation power; and (ii) the results which are to be achieved by an instrument made in respect of the company under the Schedule have been achieved.
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