Regulation 34 Objectives 1 and 3: PPTAs: financial markets
(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 1989f1 (see section 188 of that Act);
-
“market contract” has the same meaning as in the FSMA 2000 (see section 286(4) of that Act).
Annotations
Footnotes
- f1