As last captured

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

94 Continuity obligations: onward share transfers

Sch. 11 para. 94 · in force: yes

Captured statutory text (L5)

94 Continuity obligations: onward share transfers

(1)In this paragraph “onward transfer” means a transfer (whether or not under a power in this Schedule) of securities issued by a CCP where—
(a)securities issued by the CCP were earlier transferred by a share transfer instrument under paragraph 29(3) or 30(2), or
(b)the CCP was the transferee under a property transfer instrument under paragraph 29(3).
(2)The Bank may—
(a)provide for an obligation under paragraph 92 to apply in respect of the CCP after the onward transfer;
(b)extend paragraph 93 so as to permit action to be taken under paragraph 93(2) to enable the CCP to operate effectively after the onward transfer.
(3)Sub-paragraph (2) may be relied on to impose obligations on—
(a)the CCP,
(b)anything which is or was a group undertaking (within the meaning of section 1161(5) of the Companies Act 2006) of the CCP,
(c)anything which is or was a group undertaking of the residual CCP (in a case to which sub-paragraph (1)(b) applies), or
(d)any combination of the above.
(4)Sub-paragraph (2) may be used to impose obligations—
(a)in addition to obligations under or by virtue of paragraph 92 or 93, or
(b)replacing obligations under or by virtue of either of those paragraphs to a specified extent.
(5)A power under sub-paragraph (2) is exercisable by giving a notice to each person—
(a)on whom a continuity obligation is to be imposed under the power, or
(b)who is expected to benefit from a continuity obligation under the power.
(6)Paragraphs 92(4) to (10) and 94(3) and (4) apply to an obligation as applied under sub-paragraph (2) with any necessary modification.
(7)The Bank may act under or by virtue of sub-paragraph (2) only with the consent of the Treasury.
Full captured verbatim text
(1) In this paragraph “onward transfer” means a transfer (whether or not under a power in this Schedule) of securities issued by a CCP where—

(a) securities issued by the CCP were earlier transferred by a share transfer instrument under paragraph 29(3) or 30(2), or

(b) the CCP was the transferee under a property transfer instrument under paragraph 29(3).

(2) The Bank may—

(a) provide for an obligation under paragraph 92 to apply in respect of the CCP after the onward transfer;

(b) extend paragraph 93 so as to permit action to be taken under paragraph 93(2) to enable the CCP to operate effectively after the onward transfer.

(3) Sub-paragraph (2) may be relied on to impose obligations on—

(a) the CCP,

(b) anything which is or was a group undertaking (within the meaning of section 1161(5) of the Companies Act 2006) of the CCP,

(c) anything which is or was a group undertaking of the residual CCP (in a case to which sub-paragraph (1)(b) applies), or

(d) any combination of the above.

(4) Sub-paragraph (2) may be used to impose obligations—

(a) in addition to obligations under or by virtue of paragraph 92 or 93, or

(b) replacing obligations under or by virtue of either of those paragraphs to a specified extent.

(5) A power under sub-paragraph (2) is exercisable by giving a notice to each person—

(a) on whom a continuity obligation is to be imposed under the power, or

(b) who is expected to benefit from a continuity obligation under the power.

(6) Paragraphs 92(4) to (10) and 94(3) and (4) apply to an obligation as applied under sub-paragraph (2) with any necessary modification.

(7) The Bank may act under or by virtue of sub-paragraph (2) only with the consent of the Treasury.

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

The Bank may apply share transfer continuity obligations to onward share transfers with Treasury consent.

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

Refers to

other law external_cite · s. 1161

schedule ref schedule_ref · Sch. 11 para. 29

schedule ref schedule_ref · Sch. 11 para. 30

schedule ref schedule_ref · Sch. 11 para. 92

schedule ref schedule_ref · Sch. 11 para. 93

schedule ref schedule_ref · Sch. 11 para. 94

Referred to by

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. 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. 94

schedule ref schedule_ref · Sch. 11 para. 95

schedule ref schedule_ref · Sch. 11 para. 96

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)

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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 5f9fefb25592a095816084d6…
Source
legislation.gov.uk/ukpga/2023/29