Regulation 24 Objectives 1 and 3: transfer arrangements: overview

(1)

This regulation and regulations 25 to 34 make provision for where there is a transfer arrangement.

(2)

A transfer arrangement (“TA”) is a binding arrangement in pursuit of Objective 1 (whether or not also in pursuit of Objective 3) with another institution which transfers to that institution (“the transferee”)—

(a)

all or some of the property, rights and liabilities of the institution in special administration, and

(b)

all or some of the relevant funds held by the institution in special administration such that the transferee becomes the payment institution or electronic money institution in respect of those funds.

(3)

A partial property transfer arrangement (“PPTA”) is any TA which does not transfer all of the property, rights and liabilities of, and relevant funds held by, the institution.

(4)

Regulations 25 to 28 make provision about TAs.

(5)

Regulations 29 to 34 make further provision about PPTAs.

(6)

In this regulation and regulations 25 to 34, a reference to the rights and liabilities of an institution or to rights and liabilities under a PS or EMI contract in relation to property held by the institution on trust (however arising) includes—

(a)

the legal and beneficial interest of the institution in the property, and

(b)

the powers and obligations of the institution acting as a trustee of the property.