On 6 December 2023, HM Treasury published the Financial Services and Markets Act 2023 (Resolution of Central Counterparties: Partial Property Transfers and Safeguarding of Protected Arrangements) Regulations 2023 (SI 2023/1316).

This statutory instrument relates to the introduction of a new special resolution regime for central counterparties (CCPs) in Schedule 11 of the Financial Services and Markets Act 2023 (c. 29). This legislation provides the necessary safeguards to ensure that certain types of contractual arrangements crucial to a CCP’s operation, and to its clearing members and creditors, such as set-off and netting arrangements, are adequately protected when the Bank of England exercises its partial property transfer and write down powers during a resolution.