Schedule 11: Central counterparties Part 5 – Special resolution action Transfer of ownership: property transfer
Paragraph 71 sets out that, where the Bank has made a share transfer instrument in respect of paragraph 30 (transfer of ownership) or paragraph 27, the Bank may make one or more property transfer instruments. A property transfer instrument is defined in sub-paragraph (3), and sub-paragraph (4) notes that the Bank may not make a property transfer instrument under this paragraph unless the original instrument transferred securities to the Bank, a company wholly owned by the Bank or HM Treasury, or a nominee of HM Treasury.
	Sub-paragraph (5) provides that the general and specific conditions (paragraph 17 and 19, respectively) do not apply to a property instrument made under paragraph 71.
	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 paragraph 64 will also apply if an instrument is made under this paragraph.