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Power to make regulations for cross-border transfers.
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22.—(1) The Minister may make regulations providing for the regulation of cross-border credit transfers and, without prejudice to the generality of the foregoing, the regulations may provide, in respect of such credit transfers, for all or any of the following:
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(a) transparency;
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(b) periods of time within which establishments may be bound to make a payment;
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(c) an obligation to execute transfers in accordance with instructions in payment orders, including instructions as regards allocation of costs;
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(d) an obligation, in the event of non-execution of transfers, to refund an amount up to and including the full amount, interest and charges;
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(e) dispute resolution procedures.
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(2) In this section—
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“cross-border credit transfer” means a transaction carried out on the initiative of an originator via an institution or its branch in one Member State of the European Union, with a view to making available an amount of money to a beneficiary at an institution or its branch in another Member State;
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“transparency” means the making available to actual and prospective customers in writing, including where appropriate by electronic means, in a readily comprehensible form, information on conditions for cross-border credit transfers.
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