Schedule 11: Central counterparties Part 5 – Special resolution action Bridge central counterparty: supplemental reverse property transfer powers
Paragraph 74 sets out that, where the Bank has made a bridge central counterparty supplemental property transfer in accordance with paragraph 73, the Bank may make one or more reverse property transfer instruments in respect of the property rights and liabilities of the transferee under the original instrument. The reverse property transfer instrument is defined in sub-paragraph (3).
	Sub-paragraph (5) sets out the conditions that must be met for a reverse property transfer instrument to be used.
	Sub-paragraph (4) provides that the general and specific conditions (paragraphs 17 and 19 respectively) do not apply to a bridge central counterparty supplemental reverse property transfer instrument.
	Sub-paragraph (6) provides that the Bank of England must consult the FCA, and (if the CCP is a PRA-authorised person) the PRA, before making the instrument.
	The procedure outlined under 64 will also apply if an instrument is made under this paragraph.