Moved by
Lord Sassoon
20: Clause 31, page 125, line 40, at end insert—
“(2A) The direction may not require the clearing house—
(a) to take any steps for the purpose of securing its compliance with—
(i) the recognition requirements, or
(ii) any obligation of a kind mentioned in section 296(1)(b) or (1A), or
(b) to accept a transfer of property, rights or liabilities of another clearing house.
(2B) If the direction is given in reliance on section 298(7) the Bank must, within a reasonable time of giving the direction, give the clearing house a statement of its reasons—
(a) for giving the direction, and
(b) for relying on section 298(7).”