Schedule 11: Central counterparties Part 5 – Special resolution action Special continuity obligations: share transfers
Paragraph 93 provides that the Bank, through a share transfer instrument, may modify or cancel a contract or other arrangement between the transferred CCP and a group company or third-party, or otherwise confer and impose rights and obligations upon those entities in respect of a share transfer (sub-paragraph (2)).
	Sub-paragraph (3) provides that the Bank shall aim, so far as is reasonably practicable, to preserve or include provision for reasonable consideration and terms expected in arm’s length arrangements.
	Powers in this section may only be exercised if the conditions under sub-paragraph (4) are met. Sub-paragraph (5) ensures that obligations imposed under sub-paragraph (2)(b) or (c) continue to apply despite the transferred CCP or former group company entering insolvency.