The Financial Services and Markets Act 2023 (Resolution of Central Counterparties: Deferment of Provisions in Resolution Instruments) Regulations 2023
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
6 Notice of decision to suspend or waive
(1) The Bank must give notice to any person in respect of whom it intends to suspend, suspend for a further period or waive a provision in a resolution instrument (“the recipient”) as soon as reasonably practicable after making such a decision to suspend, suspend for a further period or waive a provision. (2) The notice must— (a) specify— (i) the resolution instrument to which it relates; (ii) which provisions in that resolution instrument are being suspended, or being suspended for a further period, and which provisions are being waived (including where the resolution instrument is to be suspended or waived in full); (iii) for each provision to be suspended, or to be suspended for a further period, the date on which the suspension or further period of suspension will begin, and the date on which the suspension will end; (iv) for each provision to be waived, the date on which the waiver takes effect; (b) state that the Bank must review the decision to suspend any provision in the resolution instrument in accordance with these Regulations, and state that, further to such a review the Bank may decide to— (i) end the suspension of the provision and enforce it; (ii) waive the suspended provision, or (iii) suspend the provision for a further period. (c) state that the Bank must notify the recipient as set out in this regulation, if it decides to take any of the actions set out in sub-paragraph (b); (d) in respect of each provision to be suspended, state the date on which, if the Bank has not given notice of a decision under regulation 8 in relation to the provision, the provision must be treated by the Bank as having been waived under regulation 3(4) (treatment of a provision as waived); (e) state that the Bank must not take further action in respect of any provision which has been waived. (3) The Bank must provide the Treasury with a copy of any notice given under this regulation as soon as reasonably practicable.
6 Notice of decision to suspend or waive
(1) The Bank must give notice to any person in respect of whom it intends to suspend, suspend for a further period or waive a provision in a resolution instrument (“the recipient”) as soon as reasonably practicable after making such a decision to suspend, suspend for a further period or waive a provision. (2) The notice must— (a) specify— (i) the resolution instrument to which it relates; (ii) which provisions in that resolution instrument are being suspended, or being suspended for a further period, and which provisions are being waived (including where the resolution instrument is to be suspended or waived in full); (iii) for each provision to be suspended, or to be suspended for a further period, the date on which the suspension or further period of suspension will begin, and the date on which the suspension will end; (iv) for each provision to be waived, the date on which the waiver takes effect; (b) state that the Bank must review the decision to suspend any provision in the resolution instrument in accordance with these Regulations, and state that, further to such a review the Bank may decide to— (i) end the suspension of the provision and enforce it; (ii) waive the suspended provision, or (iii) suspend the provision for a further period. (c) state that the Bank must notify the recipient as set out in this regulation, if it decides to take any of the actions set out in sub-paragraph (b); (d) in respect of each provision to be suspended, state the date on which, if the Bank has not given notice of a decision under regulation 8 in relation to the provision, the provision must be treated by the Bank as having been waived under regulation 3(4) (treatment of a provision as waived); (e) state that the Bank must not take further action in respect of any provision which has been waived. (3) The Bank must provide the Treasury with a copy of any notice given under this regulation as soon as reasonably practicable.
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
How this law is officially changed
Solon does not know this law's official route yet. The proposal is recorded all the same, and the route appears here once its source is added.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Sign in to file itThink it through
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.