The Financial Services and Markets Act 2023 (Resolution of Central Counterparties: Deferment of Provisions in Resolution Instruments) Regulations 2023
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Change 1
4 Matters to which the Bank must have regard
(1) The Bank must have regard to the matters in paragraph (2) before making any of the following decisions in relation to a provision made in a resolution instrument— (a) a decision to suspend, or to suspend for a further period under regulation 2(2), the provision; (b) a decision to waive the provision; (c) a decision to end the suspension of the provision (see regulation 2(7)). (2) The matters to which the Bank must have regard are— (a) the expected impact of enforcement of the provision on the special resolution objectives; (b) the expected impact of enforcement of the provision on any person to whom the provision applies; (c) the expected impact of the suspension or waiver of the provision on any person to whom the provision would continue to apply; (d) the likelihood of the provision being successfully enforced, including whether that likelihood would be affected by the proposed suspension; (e) whether suspension or waiver of the provision would create a material risk of public funds being required to stabilise the CCP; (f) whether the special resolution objectives could be met to the same extent by other means.
4 Matters to which the Bank must have regard
(1) The Bank must have regard to the matters in paragraph (2) before making any of the following decisions in relation to a provision made in a resolution instrument— (a) a decision to suspend, or to suspend for a further period under regulation 2(2), the provision; (b) a decision to waive the provision; (c) a decision to end the suspension of the provision (see regulation 2(7)). (2) The matters to which the Bank must have regard are— (a) the expected impact of enforcement of the provision on the special resolution objectives; (b) the expected impact of enforcement of the provision on any person to whom the provision applies; (c) the expected impact of the suspension or waiver of the provision on any person to whom the provision would continue to apply; (d) the likelihood of the provision being successfully enforced, including whether that likelihood would be affected by the proposed suspension; (e) whether suspension or waiver of the provision would create a material risk of public funds being required to stabilise the CCP; (f) whether the special resolution objectives could be met to the same extent by other means.
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