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Regulation 33 Objectives 1 and 3: PPTAs capital markets arrangementsI1

United Kingdom

(1)

A PPTA may not provide for the transfer of some (but not all) of the property, rights and liabilities which are or form part of a capital market arrangement to which the institution is a party (“CMPRL”).

(2)

But paragraph (1) does not apply where the only property, rights and liabilities which are or are not transferred relate to deposits.

(3)

If a PPTA purports to transfer all of the CMPRL despite a possibility that any of them are foreign property (and might not have been effectively transferred), the administrator may assume it is a PPTA which is not subject to the restriction in paragraph (1).

(4)

In this regulation—

  • “capital market arrangement” has the meaning given by paragraph 1 of Schedule 2A to the IA 1986f1 F1or, as the case may be, paragraph 1 of Schedule 1A to the I(NI)O 1989;

  • “deposit” has the same meaning as in article 5 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001f2, disregarding the exclusions in other articles of that Order.

Annotations

Textual amendments

F1

Words in reg. 33(4) inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 10

Commencement

I1

Reg. 33 in force at 8.7.2021, see reg. 2

Footnotes

f1

Paragraph 1 was amended by S.I. 2003/2093.

f2

S.I. 2001/544, amended by S.I. 2002/682. There are other amending instruments but none is relevant.