Schedule 11: Central counterparties Part 5 – Special resolution action Transfer of ownership: reverse property transfer
Paragraph 72 sets out that, where the Bank has made a property transfer instrument in accordance with paragraph 71, 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 (4) outlines the conditions that must be met for a reverse property transfer instrument to be used (e.g the transferee under the original instrument is 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).
	Sub-paragraph (5) provides that the general and specific conditions (section 17 and 19, respectively) do not apply to a property instrument made under paragraph 72.
	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.