Schedule 11, Part 8, paragraph 150

Where an application is made for judicial review of a decision of the Bank to exercise the stabilisation powers in relation to a CCP or CCP group company (“relevant proceedings”)— a ruling by the court that the decision is unlawful does not affect a relevant transfer or a relevant provision in a stabilisation instrument made by the Bank pursuant to that decision, and the court may not quash any provision in a stabilisation instrument made by the Bank if that provision makes a relevant transfer or a relevant provision. For the purposes of sub-paragraph (1)— “stabilisation instrument” means— a share transfer instrument, a property transfer instrument, or a resolution instrument; a “relevant provision” in a stabilisation instrument means— in relation to a tear-up instrument, provision under paragraph 31(2), in relation to a cash call instrument, provision under paragraph 32(2), in relation to a variation instrument, provision under paragraph 33(2), in relation to a write-down instrument, provision under paragraph 34(2) or 35, and in relation to an instrument of control, provision under paragraph 38(2); a transfer is a “relevant transfer” if it transfers to any person— property, rights or liabilities of the CCP or CCP group company, or of a bridge central counterparty, or securities issued by the CCP, or CCP group company, or of a bridge central counterparty. Sub-paragraph (1) does not affect the power of the court, subject to section 244 of the Banking Act 2009 (immunity), to award damages as a remedy in relevant proceedings.

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