Schedule 11, Part 5, paragraph 28

Subject to sub-paragraph (4) and (5), the Bank must make arrangements for marketing— any securities issued by the CCP which the Bank intends to transfer by a share transfer instrument under paragraph 27(2)(a), or any property, rights or liabilities of the CCP which the Bank intends to transfer by a property transfer instrument under paragraph 27(2)(b). The arrangements under sub-paragraph (1) must— be as transparent as possible having regard to the circumstances and the need to maintain financial stability; ensure there is no conflict of interest; take account of the need for the Bank to act quickly to address the situation where a CCP is failing or likely to fail; aim at maximising, as far as possible, the sale price for the property, rights or liabilities involved. The arrangements under sub-paragraph (1) must not— materially misrepresent the securities, property, rights or liabilities which the Bank intends to transfer; favour or discriminate between potential purchasers or grant an unfair advantage to a potential purchaser. Sub-paragraph (1) does not apply if the Bank considers that complying with that sub-paragraph would undermine one or more of the special resolution objectives. In particular sub-paragraph (1) does not apply if the Bank considers that— there is a material threat to financial stability in the United Kingdom arising from or aggravated by the failure or likely failure of the CCP, and complying with sub-paragraph (1) would undermine the effectiveness of the first stabilisation option in addressing that threat or achieving the objective in paragraph 15(4).

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Source: legislation.gov.uk · retrieved 2026-09-04