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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 8 July 2021 - onwards
Version 2 of 2

Regulation 35 Objective 2: engagement: payment systems, market disruption and consumer protection

(1) The administrator must work with payment system operators -

(a) to facilitate the operation of their rules or arrangements,

(b) to resolve issues arising from the operation of those rules or arrangements, and

(c) to facilitate the transfer, settlement or prompt cancellation of non-settled payments,

in respect of the institution.

(2) The administrator must also work with the Payment Systems Regulator and the Authorities to facilitate any actions they propose to take -

(a) to minimise the disruption of businesses and the markets, or

(b) to secure an appropriate degree of protection for users or holders,

as a consequence of a special administration order being made in respect of the institution.

(3) In this regulation "work with" means -