The Resolution of Central Counterparties (Modified Application of Corporate Law and Consequential Amendments) Regulations 2023

Amendments to the Finance Act 1986

7.—(1) Section 85A of the Finance Act 1986(1) (resolution of financial institutions) is amended as follows.

(2) In subsection (2)—

(a) in paragraph (n), omit “or”;

(b) after paragraph (o), insert—

“(p) a share transfer instrument or property transfer instrument made in accordance with paragraph 29(3) (bridge central counterparty) of Schedule 11 to the Financial Services and Markets Act 2023 (central counterparties),

(q) a share transfer instrument made in accordance with paragraph 30(2) of that Schedule (transfer of ownership),

(r) a write-down instrument made in accordance with paragraph 34(2) of that Schedule (write-down power),

(s) a supplemental share transfer instrument made in accordance with paragraph 49 of that Schedule (supplemental instruments), where the original instrument was made in accordance with paragraph 29(3) or 30(2) of that Schedule,

(t) a property transfer instrument made in accordance with paragraph 66(2) of that Schedule (transfer of property subsequent to resolution instrument),

(u) a supplemental property transfer instrument made in accordance with paragraph 67(2) of that Schedule (supplemental instruments) where the original instrument was made in accordance with paragraph 29(3) of that Schedule,

(v) a bridge central counterparty supplemental property transfer instrument made in accordance with paragraph 73(2) of that Schedule (bridge central counterparty: supplemental property transfer powers),

(w) a supplemental resolution instrument made in accordance with paragraph 82(2) of that Schedule (supplemental resolution instruments), or

(x) a third-country instrument made in accordance with paragraph 145(2) (third-country resolution actions) or 146(4) (effects of recognition on third-country resolution action) of that Schedule.”.

(1)

1986 c. 41. Section 85A was inserted by section 49(1) of the Finance Act 2019 (c. 1).