Schedule 11, Part 5, paragraph 84(1)

In this paragraph— “resolution measure” means— the making by the Bank of a stabilisation instrument in relation to a CCP, where an instrument of control under paragraph 38 is in place in relation to a CCP, the exercise by the Bank of any relevant rules of the CCP, a measure taken by a CCP as a result of directions given under paragraph 2, the removal by a CCP of a director or senior manager as a result of a requirement imposed under paragraph 5, the appointment of a temporary manager in relation to a CCP under paragraph 6, a restriction or prohibition on payments under paragraph 13 or 102, the recognition by the Bank of third-country resolution action (or part of such action) in accordance with Part 7 of this Schedule, or the exercise by the Bank of a stabilisation power by virtue of paragraph 146(3); “default event provision” means a Type 1 or Type 2 default event provision (see sub-paragraphs (2) and (3)); “relevant rules”, in relation to a CCP, mean rules ensuring that the requirements under paragraph 29A or 36 of the Schedule to the Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges, Clearing Houses and Central Securities Depositories) Regulations 2001 (S.I. 2001/995) are met; “stabilisation instrument” means— a share transfer instrument, a property transfer instrument, or a resolution instrument.

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