Schedule 11, Part 5, paragraph 35

A write-down instrument may— Sub-paragraph (1) applies to securities issued by the CCP that fall within class 1 in paragraph 40. A write-down instrument may— make provision with respect to rights attaching to securities issued by the CCP; provide for the listing of securities issued by the CCP to be discontinued or suspended; provide for the listing or admission to trading on a regulated market of securities in class 1 (and related class 3 securities) created in accordance with that or any other write-down instrument; provide for the listing or admission to trading on a regulated market of existing securities in class 2 modified by that or any other write-down instrument .... The reference in sub-paragraph (1) to converting securities from one form or class into another includes creating a new security in connection with the modification of an existing security. In sub-paragraph (3) any reference to a class of securities is to be construed in accordance with paragraph 40. The provision that may be made under sub-paragraph (3)(a) includes, for example— provision that specified rights attaching to securities are to be treated as having been exercised; provision that the Bank is to be treated as authorised to exercise specified rights attaching to securities; provision that specified rights attaching to securities may not be exercised for a period specified in the instrument. In sub-paragraph (3)— the reference to “listing” is to listing under section 74 of FSMA 2000, and “regulated market” has the meaning given in section 103(1) of FSMA 2000. Where the listing of securities is suspended in accordance with a write-down instrument, those securities are to be treated for the purposes of section 96 of, and paragraph 23(6) of Schedule 1ZA to, FSMA 2000 as still being listed. The provision that may be made under this paragraph in relation to any securities is in addition to any provision that the Bank may have power to make in relation to them under paragraph 34. cancel, transfer, dilute or modify any securities to which this sub-paragraph applies; convert any such securities from one form or class into another.

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