The Payment and Electronic Money Institution Insolvency Regulations 2021

The EMR 2011 U.K.

4.—(1) The EMR 2011 are amended as follows.

(2) In regulation 22, in paragraph (3)—

(a) at the appropriate places insert —

““electronic money institution special administration” has the same meaning as in the Payment and Electronic Money Institution Insolvency Regulations 2021 (see regulation 4(3));”;

““investment bank special administration” has the same meaning as in the Investment Bank Special Administration Regulations 2011 (see regulation 3(1) of those Regulations).”;

(b) in the definition of “insolvency event”, omit the “or” at the end of paragraph (k) and after paragraph (l) insert—

“;

(m) the entry of the institution into payment institution special administration; or

(n) the entry of the institution into investment bank special administration.”.

(3) In regulation 24—

(a) in the heading, at the end insert “(except electronic money institution special administration)”;

(b) in paragraph (1) after “insolvency event” insert “(except electronic money institution special administration)”.

Commencement Information

I1 Sch. 4 para. 4 in force at 8.7.2021, see reg. 2