SCHEDULES
F1SCHEDULE 17A Further provision in relation to exercise of Part 18 functions by Bank of England
Part 3Winding up, administration or insolvency of F2recognised clearing houses
Words in Sch. 17A Pt. III heading substituted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 3(16)(e) (with regs. 52-58)
Power to give directions to insolvency practitioner
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1
This paragraph applies where a person has been appointed to act as an insolvency practitioner (within the meaning of section 388 of the Insolvency Act 1986 or Article 3 of the Insolvency (Northern Ireland) Order 1989) in relation to a company which is, or has been, a F3recognised clearing house.
2
The Bank of England may give directions to the person if satisfied that it is desirable to give the directions, having regard to the public interest in—
a
protecting and enhancing the stability of the UK financial system,
b
protecting and enhancing public confidence in the stability of the UK financial system, and
c
maintaining the continuity of F4... clearing services.
3
Before giving directions the Bank of England must consult—
a
the Treasury,
b
(if the clearing house is a PRA-authorised person) the PRA, and
c
the FCA.
4
Directions are enforceable, on an application by the Bank of England, by an injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988.
5
A person is not liable for damages in respect of action or inaction in accordance with directions.
6
The immunity does not extend to action or inaction—
a
in bad faith, or
b
in contravention of section 6(1) of the Human Rights Act 1998.
Sch. 17A inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 29(2), 122(3), Sch. 7 (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.