Schedule 11: Central counterparties Part 5 – Special resolution action Reverse share transfer
Where the Bank has made a share transfer instrument, it may make reverse share transfer instruments.
	A reverse share transfer instrument may transfer securities back to original transferors (e.g the holders of the shares and other securities before Bank intervention). Where there has been an onward share transfer, the order may transfer securities back from that onward transferee. The three conditions defining a reverse share transfer instrument are outlined in paragraph 51(4).
	Sub-paragraphs 51(5) and (6) outline the conditions that must be met for a reverse share transfer instrument to be used (e.g. the onward transferee must be the Bank, a company owned by the Bank or HM Treasury, or a nominee of HM Treasury, or must be made with written consent of the onward transferee).
	The general and specific conditions (paragraph 17 and 19) do not apply to reverse share transfers. Paragraph 51(8) provides that the Bank must consult the FCA, and the PRA if the CCP is authorised by the PRA.
	Paragraph 48 applies where the Bank has made a reverse share transfer instrument.