Schedule 11: Central counterparties Part 5 – Special resolution action Onward transfer
Paragraph 69 sets out that, where the Bank has made a property transfer instrument in respect of a bridge CCP, the Bank may make one or more onward property transfer instruments. This provides that property rights or liabilities of the bridge CCP may be transferred, or the Bank make other provision in connection with the transfer of property, rights or liabilities of the bridge CCP. This applies to property, rights and liabilities of the bridge CCP whether or not they were transferred under the original instrument.
	Sub-paragraph (5) provides that the onward property transfer may not transfer property, rights, or liabilities to the original transferor.
	Sub-paragraph (6) provides that the general and specific conditions (paragraph 17 and 19, respectively) do not apply to an instrument made under paragraph 69.
	Sub-paragraph (7) provides that the Bank of England must consult the FCA, HM Treasury, and (if the CCP is a PRA-authorised person) the PRA, before making the instrument.
	The procedure outlined under paragraph 64 will also apply if an instrument is made under this paragraph.