Regulation 34 Objectives 1 and 3: PPTAs: financial marketsI1
United Kingdom
(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
Commencement
- I1
Reg. 34 in force at 8.7.2021, see reg. 2
Footnotes
- f1