The Cross-Border Credit Transfers Regulations 1999

means the person to whom the funds transferred by a cross-border credit transfer ultimately are, or are to be, made available;

means— (a) for the purposes of regulations 6(2) and 9(3), a day on which credit institutions are generally open for the business of carrying out cross-border credit transfers in each EEA State in which an institution participating in the carrying out of the cross-border credit transfer is situated;

means, in relation to a cross-border credit transfer, the date upon which both the following conditions are fulfilled— (a) the originator’s institution has received all the information required by it in order to initiate the transfer;

means a credit institution as defined in Article 1 of Council Directive No. 77/780/EEC, that is to say, an undertaking whose business is to receive deposits or other repayable funds from the public and to grant credits for its own account, and includes a branch of a non-EEA credit institution situated in an EEA State;

means a transaction or series of transactions carried out as a result of instructions given directly by an originator to an institution in one EEA State, the purpose of which is to make funds in an EEA currency available to a beneficiary at an institution in another EEA State;

means an unconditional instruction, given directly by an originator to an institution, to initiate the carrying out of a cross-border credit transfer;

means, as the context may require, the originator or the beneficiary of a cross-border credit transfer;

has the meaning given by regulation 5(5) of the Money Laundering Regulations 1993.

means an institution as defined in Article 4(1) of Council Regulation No. 3604/93/EC, the text of which is set out in the Schedule to these Regulations;

means, in relation to a cross-border credit transfer, the originator’s institution or the beneficiary’s institution, as the context may require;

means— (a) a credit institution;

means an institution which by way of business participates in the carrying out of a cross-border credit transfer and which is neither the originator’s institution nor the beneficiary’s institution;

means a credit institution which has its head office in a country or territory outside the European Economic Area and which by way of business participates in the carrying out of cross-border credit transfers;

means a person who gives an instruction to an institution to initiate the carrying out of a cross-border credit transfer;

means, for any period for which the rate is to be applied under these Regulations, the rate per annum which is 6% over the rate per cent published most recently before the beginning of that period by the Bank of England as its rate for the provision of short term liquidity in its operations in the sterling money markets;

means a cross-border credit transfer which satisfies the following conditions— (a) the originator of the transfer is neither an institution nor a financial institution;

means— (a) where an amount is deducted from an account of the originator in order to cover the funds transferred by a relevant transfer, the date upon which that amount is deducted by his institution;