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29.—(1) The administrator may enter a PPTA only if Condition 4 is met (in addition to all of Conditions 1 to 3 in regulation 25).
(2) Condition 4 is that the administrator is satisfied that no user or holder (or person acting on their behalf) will, pursuant to Objective 1 or 3, subsequently have returned or transferred to them an amount of retained relevant funds less than if the administrator had not entered the PPTA.
(3) “Retained relevant funds” means any relevant funds held by the institution which are not transferred under the PPTA.
(4) Regulation 26(1) does not apply to the requirement described in paragraph (2)(b) of that regulation in the case of a PPTA unless—
(a)the PPTA transfers—
(i)all of the relevant funds held by the institution, and
(ii)all of the rights and liabilities under the corresponding PS or EMI contracts, and
(b)the administrator is satisfied that either—
(i)the total amount of relevant funds to be transferred is at least equal to the total amount that the institution is, at the time of transfer, required to safeguard, or
(ii)the transferee has undertaken to make good any shortfall in that amount.
(5) Regulation 26(1) does not apply to the requirements described in paragraph (2)(c) and (d) of that regulation in the case of a PPTA unless the PPTA transfers—
(a)all of the relevant funds held by the institution,
(b)all of the rights or liabilities under the corresponding PS or EMI contracts, and
(c)all of the rights and liabilities under other PS or EMI contracts for which no relevant funds are held at the time of transfer.
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