Schedule 11: Central counterparties Part 5 – Special resolution action Bridge central counterparties: reverse property transfer
Paragraph 70 sets out that, where the Bank has made a property transfer instrument providing for the transfer of property, rights or liabilities to a bridge CCP, they may make one or more bridge CCP reverse property transfer instruments. If the Bank makes an onward property transfer instruments under paragraph 69, they may make one or more reverse property transfer instruments in respect of property rights or liabilities of the onward transferee.
	The Bank may not make a bridge CCP reverse property transfer instrument unless the conditions in sub-paragraph (5) are met.
	Sub-paragraph (6) provides that the general and specific conditions (paragraph 17 and 19, respectively) do not apply to instruments made under paragraph 70.
	Sub-paragraph (7) provides that the Bank of England must consult the FCA, HM Treasury, and (if the CCP is a PRA-authorised person) the PRA, before making the instrument.
	The procedure outlined under paragraph 64 will also apply if an instrument is made under this paragraph.