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The Payment and Electronic Money Institution Insolvency Regulations 2021

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Statutory Instruments

2021 No. 716

Financial Services And Markets

The Payment and Electronic Money Institution Insolvency Regulations 2021

Made

17th June 2021

Coming into force

8th July 2021

The Treasury make these Regulations in exercise of the powers conferred by—

(a)sections 233 and 234 of the Banking Act 2009(1) as applied and modified by regulation 24A of, and paragraphs 2 and 3 of Schedule 2ZA to, the Electronic Money Regulations 2011(2) (“EMR 2011”) and regulation 23A of, and paragraphs 2 and 3 of Schedule 3A to, the Payment Services Regulations 2017(3) (“PSR 2017”), and section 259(1) of that Act, and

(b)in respect of regulation 49 (and regulations 1 to 4 so far as they relate to regulation 49), section 8(1) of, and paragraph 21 of Schedule 7 to, the European Union (Withdrawal) Act 2018(4).

The Treasury have consulted in accordance with section 235(3) of the Banking Act 2009 as applied and modified by regulation 24A of, and paragraph 4 of Schedule 2ZA to, the EMR 2011 and regulation 23A of, and paragraph 4 of Schedule 3A to, the PSR 2017.

A draft of these Regulations has been laid before and approved by a resolution of each House of Parliament in accordance with section 235(2) of the Banking Act 2009 as applied and modified by regulation 24A of, and paragraph 4 of Schedule 2ZA to, the EMR 2011 and regulation 23A of, and paragraph 4 of Schedule 3A to, the PSR 2017, and paragraph 1(3) of Schedule 7 to the European Union (Withdrawal) Act 2018.

(2)

S.I. 2011/99. Regulation 24A and Schedule 2ZA were inserted by S.I. 2020/1275.

(3)

S.I. 2017/752. Regulation 23A and Schedule 3A were inserted by S.I. 2020/1275.

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