Part 5 Special Resolution Action
Financial Services and Markets Act 2023 (2023 c 29) | Legislation

Part 5 Special Resolution Action

Special resolution objectives

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(1)     This paragraph sets out the special resolution objectives.

(2)     The Bank must have regard to the special resolution objectives in using, or considering the use of, the stabilisation powers.

(3)     Objective 1 is to protect and enhance the stability of the UK financial system, including in particular by—

(a)     preventing contagion (including contagion to market infrastructures), and

(b)     maintaining market discipline.

(4)     Objective 2 is to protect and enhance public confidence in the stability of the UK financial system.

(5)     Objective 3 is to maintain the continuity of central counterparty clearing services.

(6)     Objective 4 is to protect public funds.

(7)     Objective 5 is to avoid interfering with property rights in contravention of a Convention right (within the meaning of the Human Rights Act 1998).

(8)     The order in which the objectives are listed in this paragraph is not significant; they are to be balanced as appropriate in each case.

(9)     In this paragraph, “market infrastructures†include recognised investment exchanges, recognised clearing houses and recognised CSDs, within the meaning of section 285 of FSMA 2000.

Code of Practice

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(1)     The Treasury

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