As last captured

Financial Services and Markets Act 2023 · PART 5 Special resolution action

35 Powers in relation to securities

Sch. 11 para. 35 · in force: yes

Captured statutory text (L5)

35 Powers in relation to securities

(1)A write-down instrument may—
(a)cancel, transfer, dilute or modify any securities to which this sub-paragraph applies;
(b)convert any such securities from one form or class into another.
(2)Sub-paragraph (1) applies to securities issued by the CCP that fall within class 1 in paragraph 40.
(3)A write-down instrument may—
(a)make provision with respect to rights attaching to securities issued by the CCP;
(b)provide for the listing of securities issued by the CCP to be discontinued or suspended;
(c)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;
(d)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 ....
(4)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.
(5)In sub-paragraph (3) any reference to a class of securities is to be construed in accordance with paragraph 40.
(6)The provision that may be made under sub-paragraph (3)(a) includes, for example—
(a)provision that specified rights attaching to securities are to be treated as having been exercised;
(b)provision that the Bank is to be treated as authorised to exercise specified rights attaching to securities;
(c)provision that specified rights attaching to securities may not be exercised for a period specified in the instrument.
(7)In sub-paragraph (3)—
(a)the reference to “listing” is to listing under section 74 of FSMA 2000, and
(b)“regulated market” has the meaning given in section 103(1) of FSMA 2000.
(8)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.
(9)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.
Full captured verbatim text
(1) A write-down instrument may—

(a) cancel, transfer, dilute or modify any securities to which this sub-paragraph applies;

(b) convert any such securities from one form or class into another.

(2) Sub-paragraph (1) applies to securities issued by the CCP that fall within class 1 in paragraph 40.

(3) A write-down instrument may—

(a) make provision with respect to rights attaching to securities issued by the CCP;

(b) provide for the listing of securities issued by the CCP to be discontinued or suspended;

(c) 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;

(d) 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 ....

(4) 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.

(5) In sub-paragraph (3) any reference to a class of securities is to be construed in accordance with paragraph 40.

(6) The provision that may be made under sub-paragraph (3)(a) includes, for example—

(a) provision that specified rights attaching to securities are to be treated as having been exercised;

(b) provision that the Bank is to be treated as authorised to exercise specified rights attaching to securities;

(c) provision that specified rights attaching to securities may not be exercised for a period specified in the instrument.

(7) In sub-paragraph (3)—

(a) the reference to “listing” is to listing under section 74 of FSMA 2000, and

(b) “regulated market” has the meaning given in section 103(1) of FSMA 2000.

(8) 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.

(9) 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.

What this provision means

Model summary, checked against the text on the left.

Relevance to Signicat: 1/3 · detailed summary (L4) Status: not needed for a short provision · Stored artifact; current recipe verification unavailable

A write-down instrument may cancel, convert, dilute, or transfer CCP securities and modify rights or listing status.

Only the one-line summary above is stored for this provision; the text itself is the evidence.

Refers to

cross-reference internal_cite · s. 74

Referred to by

schedule ref schedule_ref · Sch. 11 para. 1

schedule ref schedule_ref · Sch. 11 para. 139

schedule ref schedule_ref · Sch. 11 para. 140

schedule ref schedule_ref · Sch. 11 para. 149

schedule ref schedule_ref · Sch. 11 para. 150

schedule ref schedule_ref · Sch. 11 para. 159

schedule ref schedule_ref · Sch. 11 para. 160

schedule ref schedule_ref · Sch. 11 para. 162

schedule ref schedule_ref · Sch. 11 para. 163

schedule ref schedule_ref · Sch. 11 para. 34

schedule ref schedule_ref · s. 10

Part summaries

0 of 0 parts have a verified summary.

L1 unavailable for current verification: the overall summary needs every part verified. Provisions and the verified summaries remain readable.

Verification findings (537)

synthesis coverage: missing/unverified L2 part-1-chapter-1

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synthesis coverage: missing evaluation uk:ukpga/2023/29#section-7

synthesis coverage: missing/unverified L2 part-1-chapter-2

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-8

synthesis coverage: missing evaluation uk:ukpga/2023/29#section-9

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synthesis coverage: missing/unverified L2 part-1-chapter-2

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Instrument tier unavailable

Change history as published

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Pending effects amendments not yet applied to this text

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(a) · Effective date unknown · s. 1

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(b) · Effective date unknown

Sch. 1 Pt. 3 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(c) · Effective date unknown

Sch. 1 Pt. 5 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 reg. 9(d)(i) · Effective date unknown

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 13) Regulations 2026 reg. 2(a) · Effective date unknown · s. 1

Show all 14

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 13) Regulations 2026 reg. 2(b) · Effective date unknown

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(a) · Effective date unknown · s. 1

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(b) · Effective date unknown

Sch. 1 Pt. 2 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(c) · Effective date unknown

Sch. 1 Pt. 3 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 15 and Saving and Transitional Provisions) Regulations 2026 reg. 2(d) · Effective date unknown

s. 1(1) coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(a) · Effective date unknown · s. 1

Sch. 1 Pt. 1 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(b) Sch. Pt. 1 · Effective date unknown

Sch. 1 Pt. 2 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(c) · Effective date unknown

Sch. 1 Pt. 3 coming into force by The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 reg. 3(d) Sch. Pt. 2 · Effective date unknown

Provenance

Every claim the system makes about this text is traceable to these identifiers.

Instrument
uk:ukpga/2023/29
Part
PART 5 Special resolution action
Version
86372fb4e615f9918e757dfa…
Content hash
sha256 eca208c609ae2aff399e2f0b…
Source
legislation.gov.uk/ukpga/2023/29