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The Payment and Electronic Money Institution Insolvency Regulations 2021
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- UK Statutory Instruments
- 2021 No. 716
- Regulation 26
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Point in time view as at 08/07/2021.
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There are currently no known outstanding effects for the The Payment and Electronic Money Institution Insolvency Regulations 2021, Section 26.
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Objectives 1 and 3: TAs: effectU.K.
This section has no associated Explanatory Memorandum
26.—(1) The transfer of any of the following under the TA has effect, despite the existence of any matter mentioned in paragraph (2)—
(a)relevant funds;
(b)any rights or liabilities under the corresponding PS or EMI contracts;
(c)any rights and liabilities under other PS or EMI contracts for which no relevant funds are held at the time of transfer.
(2) The matters are—
(a)a restriction affecting what can or cannot be assigned or transferred by the institution (whether generally or by a particular person or particular description of persons),
(b)a requirement (however referred to) to give notice to, or obtain the consent of, any person who is party to the PS or EMI contract,
(c)in the case of a payment institution, a requirement (however referred to) to give notice to, or obtain the consent of any person who is party to a contract under which a person provides agency services to the institution,
(d)in the case of an electronic money institution, a requirement (however referred to) to give notice to, or obtain the consent of any person who is party to a contract under which a person provides agency or distribution services to the institution, or
(e)any entitlement of any person to the return of the relevant funds otherwise than by transfer under the arrangement.
(3) Paragraphs (1) and (2) are subject to subject to regulation 29(4) and (5).
(4) In paragraph (2), it does not matter whether a restriction, requirement or entitlement has effect by virtue of a provision contained in a contract or an enactment, or in any other way, subject to paragraph (5).
(5) In paragraph (2)(a) the reference to a restriction does not include one imposed by—
(a)regulations 20 to 22 of the EMR 2011, or
(b)regulation 23 of the PSR 2017.
(6) If the TA purports to be one which is not a PPTA despite a possibility that anything purportedly transferred is foreign property (and might not have been effectively transferred), the administrator may assume it is a TA which is not a PPTA and that regulations 29 to 34 do not apply.
Commencement Information
I1Reg. 26 in force at 8.7.2021, see reg. 2
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