- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made).
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).
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: