(1) The Bank of England may provide for a company to which the business of a recognised central counterparty is transferred in accordance with section 12(2) to be treated as a recognised central counterparty for the purposes of the Financial Services and Markets Act 2000 -
(a) for a specified period, or
(b) until a specified event occurs.
(2) The provision may have effect -
(a) for a period specified in the instrument, or
(b) until the occurrence of an event specified or described in the instrument.
(3) The power under this section -
(a) may be exercised only with the consent of the Treasury, and
(b) must be exercised by way of provision in a property transfer instrument (or supplemental instrument).