(1) The Treasury may by regulations made by statutory instrument provide for the application to payment institutions, as participants in payment or securities settlement systems, of provision in subordinate legislation -
(a) modifying the law of insolvency or related law in relation to such systems, or
(b) relating to the securing of rights and obligations.
(2) "Payment institution" means -
(a) an authorised payment institution or small payment institution within the meaning of the Payment Services Regulations 2017, or
(b) a person whose head office, registered office or place of residence, as the case may be, is outside the United Kingdom and whose functions correspond to those of an institution within paragraph (a).
(3) "Payment or securities settlement system" means arrangements between a number of participants for or in connection with the clearing or execution of instructions by participants relating to any of the following -
(a) the placing of money at the disposal of a recipient
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