Schedule 11: Central counterparties Part 5 – Special resolution action Foreign property
Paragraph 62 describes how a property transfer instrument may make provision for the transfer of property situated outside the United Kingdom and rights and liabilities governed by foreign law.
	Sub-paragraph (3) states that both the transferor and the transferee must take any necessary steps to ensure that the transfer is effective as a matter of foreign law.
	Sub-paragraph (4) makes provision for what the transferor must do in the period before a transfer is fully effective as a matter of foreign law. For this period, the transferor must act on behalf of the transferee by holding any property or right for its benefit or discharging any liability on its behalf. This is unless the Bank determines that it will not be possible for the transfer of property to be effective under the jurisdiction it occurs in (subsection (5)).
	Sub-paragraph (7) outlines that the transferor must meet any expenses of the transferee in complying with this provision.
	Sub-paragraphs (8) and (9) relate to obligations imposed by the operation of this paragraph. Such obligations are enforceable as contracts and the Bank of England may give directions in relation to those obligations, with which the transferor must comply.