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
8 Subsequent enforcement
(1) If the Bank makes a decision to end the suspension of a provision in a resolution instrument and to enforce that provision, or to enforce a provision which had previously been suspended, it must give notice to the person in respect of whom the provision is to be enforced, stating the date from which enforcement can take place. (2) Where a resolution instrument provides for a notice period to apply in relation to the enforcement of the suspended, or previously suspended, provision— (a) the Bank can enforce the provision on or after the first business day following the end of the relevant period; (b) “the relevant period” in sub-paragraph (a) means a period equivalent to the notice period provided for in the resolution instrument in relation to the suspended, or previously suspended, provision, beginning with the date of deemed service of the notice given under this regulation. (3) Where a resolution instrument does not provide for a notice period to apply in relation to the suspended, or previously suspended, provision, the Bank can enforce the provision on or after the first business day following the date of deemed service of the notice given under this regulation (see regulation 9 (giving of notices)).
8 Subsequent enforcement
(1) If the Bank makes a decision to end the suspension of a provision in a resolution instrument and to enforce that provision, or to enforce a provision which had previously been suspended, it must give notice to the person in respect of whom the provision is to be enforced, stating the date from which enforcement can take place. (2) Where a resolution instrument provides for a notice period to apply in relation to the enforcement of the suspended, or previously suspended, provision— (a) the Bank can enforce the provision on or after the first business day following the end of the relevant period; (b) “the relevant period” in sub-paragraph (a) means a period equivalent to the notice period provided for in the resolution instrument in relation to the suspended, or previously suspended, provision, beginning with the date of deemed service of the notice given under this regulation. (3) Where a resolution instrument does not provide for a notice period to apply in relation to the suspended, or previously suspended, provision, the Bank can enforce the provision on or after the first business day following the date of deemed service of the notice given under this regulation (see regulation 9 (giving of notices)).
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