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Payment and Electronic Money Institution Insolvency Regulations 2021 [SI 2021 No. 716]Introductory TextRegulation 1 CitationRegulation 2 CommencementRegulation 3 ExtentRegulation 4 OverviewRegulation 5 Application: Scottish partnershipsRegulation 6 DefinitionsRegulation 7 Special administration orderRegulation 8 Application for orderRegulation 9 Grounds for applyingRegulation 10 Powers of the courtRegulation 11 Notice to FCA: other proceedingsRegulation 12 Special administration objectivesRegulation 13 Objective 1: initial reconciliationRegulation 14 Objective 1: constitution of asset poolRegulation 15 Objective 1: monitoring and maintaining asset poolRegulation 16 Objective 1: post-administration receiptsRegulation 17 Objective 1: determining claim entitlementsRegulation 18 Objective 1: principles of distributionRegulation 19 Objective 1: shortfalls in asset poolRegulation 20 Objective 1: bar dateRegulation 21 Objective 1: hard bar dateRegulation 22 Objective 1: hard bar date: powers of the courtRegulation 23 Objective 1: interest on relevant funds claimsRegulation 24 Objectives 1 and 3: transfer arrangements: overviewRegulation 25 Objectives 1 and 3: TAs: Conditions 1 to 3Regulation 26 Objectives 1 and 3: TAs: effectRegulation 27 Objectives 1 and 3: TAs: novation of contractsRegulation 28 Objectives 1 and 3: TAs: disclosure of informationRegulation 29 Objectives 1 and 3: PPTAs: Condition 4 and restrictionsRegulation 30 Objectives 1 and 3: PPTAs: reverse transfersRegulation 31 Objectives 1 and 3: PPTAs: set-off and nettingRegulation 32 Objectives 1 and 3: PPTAs: security interestsRegulation 33 Objectives 1 and 3: PPTAs capital markets arrangementsRegulation 34 Objectives 1 and 3: PPTAs: financial marketsRegulation 35 Objective 2: engagement: payment systems, market disruption and consumer protectionRegulation 36 Continuity of supplyRegulation 37 Application of the IA 1986 in England, Wales and ScotlandRegulation 37A Application of the I(NI)O 1989 and related insolvency legislation in Northern IrelandRegulation 38 FCA directionRegulation 39 Administrator's proposals in the event of FCA directionRegulation 40 Revision of proposals in the event of FCA directionRegulation 41 FCA direction withdrawnRegulation 42 Safeguarding failures: costs of the administrationRegulation 43 Successful rescueRegulation 44 Dissolution or voluntary arrangementRegulation 45 Special administration order as an alternative orderRegulation 46 Disqualification of directors: Great BritainRegulation 46A Disqualification of directors: Northern IrelandRegulation 47 Further provision on special administration: schedulesRegulation 48 FSMA 2000, Pt 24: application to payment and electronic money institution insolvency except special administrationRegulation 49 Correction of defect in instrument relating to the UK's withdrawal from the EU and bank recovery and resolutionSchedule 1 How special administration applies to English/Welsh/Scottish LLPsSchedule 1A How special administration applies to Northern Ireland LLPsSchedule 2 How special administration applies to English/Welsh partnershipsSchedule 2A How special administration applies to Northern Ireland partnershipsSchedule 3 Further provision about how other legislation applies to companies in special administrationSchedule 4 Consequential amendmentsSchedule 4, Part 1 Primary legislation (paras. 1-3)Schedule 4, Part 2 Secondary legislation (paras. 4-6)SignatureExplanatory NoteExplanatory MemorandumDe minimis assessment
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Published date: 17 June 2021

Payment and Electronic Money Institution Insolvency Regulations 2021 [SI 2021 No. 716]

Introductory Text
Regulation 1 Citation
Regulation 2 Commencement
Regulation 3 Extent
Regulation 4 Overview
Regulation 5 Application: Scottish partnerships
Regulation 6 Definitions
Regulation 7 Special administration order
Regulation 8 Application for order
Regulation 9 Grounds for applying
Regulation 10 Powers of the court
Regulation 11 Notice to FCA: other proceedings
Regulation 12 Special administration objectives
Regulation 13 Objective 1: initial reconciliation
Regulation 14 Objective 1: constitution of asset pool
Regulation 15 Objective 1: monitoring and maintaining asset pool
Regulation 16 Objective 1: post-administration receipts
Regulation 17 Objective 1: determining claim entitlements
Regulation 18 Objective 1: principles of distribution
Regulation 19 Objective 1: shortfalls in asset pool
Regulation 20 Objective 1: bar date
Regulation 21 Objective 1: hard bar date
Regulation 22 Objective 1: hard bar date: powers of the court
Regulation 23 Objective 1: interest on relevant funds claims
Regulation 24 Objectives 1 and 3: transfer arrangements: overview
Regulation 25 Objectives 1 and 3: TAs: Conditions 1 to 3
Regulation 26 Objectives 1 and 3: TAs: effect
Regulation 27 Objectives 1 and 3: TAs: novation of contracts
Regulation 28 Objectives 1 and 3: TAs: disclosure of information
Regulation 29 Objectives 1 and 3: PPTAs: Condition 4 and restrictions
Regulation 30 Objectives 1 and 3: PPTAs: reverse transfers
Regulation 31 Objectives 1 and 3: PPTAs: set-off and netting
Regulation 32 Objectives 1 and 3: PPTAs: security interests
Regulation 33 Objectives 1 and 3: PPTAs capital markets arrangements
Regulation 34 Objectives 1 and 3: PPTAs: financial markets
Regulation 35 Objective 2: engagement: payment systems, market disruption and consumer protection
Regulation 36 Continuity of supply
Regulation 37 Application of the IA 1986 in England, Wales and Scotland
Regulation 37A Application of the I(NI)O 1989 and related insolvency legislation in Northern Ireland
Regulation 38 FCA direction
Regulation 39 Administrator's proposals in the event of FCA direction
Regulation 40 Revision of proposals in the event of FCA direction
Regulation 41 FCA direction withdrawn
Regulation 42 Safeguarding failures: costs of the administration
Regulation 43 Successful rescue
Regulation 44 Dissolution or voluntary arrangement
Regulation 45 Special administration order as an alternative order
Regulation 46 Disqualification of directors: Great Britain
Regulation 46A Disqualification of directors: Northern Ireland
Regulation 47 Further provision on special administration: schedules
Regulation 48 FSMA 2000, Pt 24: application to payment and electronic money institution insolvency except special administration
Regulation 49 Correction of defect in instrument relating to the UK's withdrawal from the EU and bank recovery and resolution
Schedule 1 How special administration applies to English/Welsh/Scottish LLPs
Schedule 1A How special administration applies to Northern Ireland LLPs
Schedule 2 How special administration applies to English/Welsh partnerships
Schedule 2A How special administration applies to Northern Ireland partnerships
Schedule 3 Further provision about how other legislation applies to companies in special administration
Schedule 4 Consequential amendments
Schedule 4, Part 1 Primary legislation (paras. 1-3)
Schedule 4, Part 2 Secondary legislation (paras. 4-6)
Signature
Explanatory Note
Explanatory Memorandum
De minimis assessment
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