38(1)The eighth stabilisation option is for the Bank to make one or more instruments of control.
(2)An instrument of control is an instrument that makes any of the following provision —
(a)provision transferring any voting rights exercisable by shareholders of the CCP or, if the CCP is an unincorporated association, members of the CCP to the Bank for a specified period;
(b)provision transferring specified powers, rights, duties or liabilities of the directors or senior managers of the CCP to the Bank for a specified period.
(3)Provision made under sub-paragraph (2) may for example include—
(a)provision for exemptions or applying modifications in relation to any powers, rights, duties or liabilities transferred;
(b)provision for the Bank to exercise such powers, rights, duties or liabilities under the CCP’s rules as may be specified in the instrument;
(c)provision for the Bank to exercise such powers, rights, duties or liabilities in relation to any contracts that the CCP is a party to as may be specified in the instrument.
Commencement Information
I1Sch. 11 para. 38 not in force at Royal Assent, see s. 86(3)
I2Sch. 11 para. 38 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)