Schedule 11: Central counterparties Part 5 – Special resolution action Directors and senior managers
Paragraph 58 allows the Bank, through a property transfer instrument, to take various actions with regard to directors and senior managers of CCPs or relevant CCP group company in respect of a CCP, including appointment and removal, termination and variation of service contracts.
	Sub-paragraph (4) clarifies that appointments are to be made on terms and conditions agreed by the Bank, whilst sub-paragraph (3) defines ‘relevant CCP group company’.