Part 2 Pre-Resolution Powers of the Bank of England

Part 2 Pre-Resolution Powers of the Bank of England

Removal of impediments to the exercise of stabilisation powers etc

2

(1)     The Bank may give directions to a CCP to take measures which the Bank considers are required to address impediments to the effective exercise of the stabilisation powers.

(2)     The power conferred by sub-paragraph (1) includes (but is not limited to) a power to direct the CCP—

(a)     to enter into or revise an agreement for the provision of services relating to the provision of critical clearing services;

(b)     to limit its maximum individual and aggregate exposures to loss;

(c)     to produce information which is relevant to the exercise of the stabilisation powers, and to provide that information to the Bank;

(d)     to dispose of specified assets;

(e)     to cease carrying out specified activities, or observe restrictions in relation to the carrying out of specified activities;

(f)     to cease the development of new or existing business operations, or observe restrictions in relation to the development of such operations;

(g)     to make specified changes to its recovery plan, rules or contractual arrangements;

(h)     in order to ensure that it is possible for the performance of critical clearing

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