Schedule 11: Central counterparties Part 5 – Special resolution action Sale to commercial purchaser, transfer to bridge central counterparty and transfer of ownership: conditions for group companies
Paragraph 117 lays out the conditions that must be met if the Bank is to exercise a stabilisation power in respect of a CCP group company in accordance with paragraph 27 sub-paragraph (2) (private sector purchaser), paragraph 29 sub-paragraph (3) (bridge CCP) or paragraph 30 sub-paragraph (2) (transfer of ownership).
	Sub-paragraph (2) sets out that the Bank must be satisfied the general conditions for exercising a stabilisation power are met in respect of a CCP in the same group, and the Bank is satisfied that exercise of the power is necessary (sub-paragraph (3)).
	Sub-paragraph (4) sets out that in a financial assistance case, HM Treasury must first recommend a stabilisation power be used and the Bank must be of the opinion that the exercise of the power is appropriate.
	Sub-paragraph (5) sets out that the CCP group company must be an undertaking incorporated in or formed under the law of the UK.
	Sub-paragraph (6) sets out that the Bank must consult HM Treasury, the FCA, and (if the CCP is a PRA-authorised person) the PRA.
	Sub-paragraph (7) sets out that the Bank must have regard to the need to minimise the effect of the power on other undertakings in the same group, whilst sub-paragraph (8) defines "financial assistance case".