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The Payment and Electronic Money Institution Insolvency Regulations 2021
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- UK Statutory Instruments
- 2021 No. 716
- Regulation 30
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Objectives 1 and 3: PPTAs: reverse transfers
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30.—(1) A PPTA must include such provision as the administrator thinks appropriate—
(a)to ensure that a user or holder whose relevant funds are to be transferred by the arrangement will be entitled to demand a transfer back to the institution of any relevant funds which are transferred (“reverse transfer”),
(b)for the identification of relevant funds for the purposes of a reverse transfer, and
(c)to ensure that the transferee is obliged to give effect to the reverse transfer as soon as reasonably practicable after the demand is made.
(2) A reverse transfer has effect to transfer back to the institution all rights and liabilities under the corresponding PS or EMI contract so far as they have effect in relation to the reverse-transferred relevant funds.
(3) The administrator must take all steps necessary to give effect to the reverse transfer.
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