On 9 November 2023, HM Treasury (HMT) published Statutory Instrument (SI) 2023 No.1190: the Financial Services and Markets Act 2023 (Resolution of Central Counterparties (CCPs): Deferment of Provisions in Resolution Instruments) Regulations 2023, along with an explanatory memorandum.
The SI relates to the introduction of a new special resolution regime for CCPs under Schedule 11 of the Financial Services and Markets Act 2023. It sets out the process by which the Bank of England (BoE) may suspend or waive, and where suspended, subsequently enforce, a provision under a resolution instrument. This is intended to ensure that the BoE has the necessary flexibility to respond to the specific circumstances of a resolution.
The SI will come into force on 31 December 2023.