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There are currently no known outstanding effects for the The Payment and Electronic Money Institution Insolvency Regulations 2021, Section 33.
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33.—(1) A PPTA may not provide for the transfer of some (but not all) of the property, rights and liabilities which are or form part of a capital market arrangement to which the institution is a party (“CMPRL”).
(2) But paragraph (1) does not apply where the only property, rights and liabilities which are or are not transferred relate to deposits.
(3) If a PPTA purports to transfer all of the CMPRL despite a possibility that any of them are foreign property (and might not have been effectively transferred), the administrator may assume it is a PPTA which is not subject to the restriction in paragraph (1).
(4) In this regulation—
“capital market arrangement” has the meaning given by paragraph 1 of Schedule 2A to the IA 1986(1) [F1or, as the case may be, paragraph 1 of Schedule 1A to the I(NI)O 1989];
“deposit” has the same meaning as in article 5 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(2), disregarding the exclusions in other articles of that Order.
Textual Amendments
F1Words in reg. 33(4) inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 10
Commencement Information
I1Reg. 33 in force at 8.7.2021, see reg. 2
Paragraph 1 was amended by S.I. 2003/2093.
S.I. 2001/544, amended by S.I. 2002/682. There are other amending instruments but none is relevant.
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