Insolvency regulations
1. Section 93(4) of the Banking Act 2009 (interpretation: other expressions) applies as if -
(a) the reference to a bank were to an authorised payment institution or small payment institution;
(b) the reference to an agreement in paragraph (a) were to a contract for payment services; and
(c) in the closing words, from "for the purposes" to "the bank" were omitted.
2. Section 233 of the Banking Act 2009 (insolvency regulations) applies as if -
(a) references to investment bank insolvency regulations were to payment institution insolvency regulations;
(b) references to investment banks were to authorised payment institutions and small payment institutions;
(c) references to client assets were to relevant funds;
(d) in subsection (3)(c), the reference to clients were to payment service users; and
(e) in subsection (4) -
(i) references to assets included references to money; and
(ii) in paragraph (b), for "those which an institution undertook to hold f
…