On 16 October 2023, HM Treasury published a draft of the Resolution on Central Counterparties (Modified Application of Corporate Law and Consequential Amendments) Regulations 2023 (the draft statutory instrument (SI)), along with an explanatory memorandum.
The purpose of the draft SI is to amend corporate law, and make consequential amendments, to ensure the new special resolution regime for central counterparties (CCPs) being introduced under Schedule 11 of the Financial Services and Markets Act 2023 will function effectively. It applies certain provisions from the Companies Act 2006 and related legislation with modifications, and makes consequential amendments to primary and secondary legislation in relation to the implementation of Schedule 11.
The draft SI is intended to enter into force on 31 December 2023.