Schedule 11: Central counterparties Part 5 – Special resolution action Power to take control
Paragraph 38 outlines the eighth stabilisation option (to make one or more instruments of control). An instrument of control allows for any voting rights of shareholders or members and specified powers of directors and senior managers of the CCP to be transferred to the Bank for a specified time. The power will thus enable the Bank to assume control of a failing CCP quickly in order to stabilise it and restore it to viability.