# The Payment and Electronic Money Institution Insolvency Regulations 2021, 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 1989 (see section 188 of that Act);
“market contract” has the same meaning as in the FSMA 2000 (see section 286(4) of that Act).

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Source: https://www.legislation.gov.uk/ukdsi/2021/9780348222814/regulation/34 (the official version)
Page: https://openlegislation.uk/draft-payment-and-electronic-money-institution-insolvency-regulations-2021/regulation-34
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.