Schedule 11: Central counterparties Part 5 – Special resolution action Licenses
Paragraph 61 makes provision in relation to licenses. Sub-paragraph (1) provides that a licence in respect of property transferred by property instrument shall continue to have effect notwithstanding the transfer. Sub-paragraph (2) provides that the Bank may disapply sub-paragraph (1), so that a licence may be discontinued. Sub-paragraph (3) specifies that where a licence imposes rights or obligations, a property transfer instrument may apportion responsibility for exercise or compliances between the transferor and transferee.