The Payment and Electronic Money Institution Insolvency Regulations 2021

Objectives 1 and 3: PPTAs: financial marketsU.K.

This section has no associated Explanatory Memorandum

34.—(1) A PPTA may not transfer property, rights and liabilities to the extent that doing so would have the effect of modifying, modifying the operation of, or rendering unenforceable—

(a)a market contract;

(b)the default rules of the Payment Systems Regulator; or

(c)any rules of the Payment Systems Regulator not dealt with under its default rules.

(2) A PPTA is void in so far as it is made in contravention of this regulation.

(3) In this regulation—

“default rules” has the same meaning as in the Companies Act 1989(1) (see section 188 of that Act);

“market contract” has the same meaning as in the FSMA 2000 (see section 286(4) of that Act).

Commencement Information

I1Reg. 34 in force at 8.7.2021, see reg. 2