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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
Version date: 8 July 2021 - onwards
Version 2 of 2

Regulation 29 Objectives 1 and 3: PPTAs: Condition 4 and restrictions

(1) The administrator may enter a PPTA only if Condition 4 is met (in addition to all of Conditions 1 to 3 in regulation 25).

(2) Condition 4 is that the administrator is satisfied that no user or holder (or person acting on their behalf) will, pursuant to Objective 1 or 3, subsequently have returned or transferred to them an amount of retained relevant funds less than if the administrator had not entered the PPTA.

(3) "Retained relevant funds" means any relevant funds held by the institution which are not transferred under the PPTA.

(4) Regulation 26(1) does not apply to the requirement described in paragraph (2)(b) of that regulation in the case of a PPTA unless -

(a) the PPTA transfers -

(i) all of the relevant funds held by the institution, and

(ii) all of the rights and liabilities under the corresponding PS or EMI contracts, and

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