The Payment and Electronic Money Institution Insolvency Regulations 2021

1. Introductory Text

2. 1. Citation

3. 2. Commencement

4. 3. Extent

5. 4. Overview

6. 5. Application: Scottish LLPs and partnerships

7. 6. Definitions

8. 7. Special administration order

9. 8. Application for order

10. 9. Grounds for applying

11. 10. Powers of the court

12. 11. Notice to FCA: other proceedings

13. 12. Special administration objectives

14. 13. Objective 1: initial reconciliation

15. 14. Objective 1: constitution of asset pool

16. 15. Objective 1: monitoring and maintaining asset pool

17. 16. Objective 1: post-administration receipts

18. 17. Objective 1: determining claim entitlements

19. 18. Objective 1: principles of distribution

20. 19. Objective 1: shortfalls in asset pool

21. 20. Objective 1: bar date

22. 21. Objective 1: hard bar date

23. 22. Objective 1: hard bar date: powers of the court

24. 23. Objective 1: interest on relevant funds claims

25. 24. Objectives 1 and 3: transfer arrangements: overview

26. 25. Objectives 1 and 3: TAs: Conditions 1 to 3

27. 26. Objectives 1 and 3: TAs: effect

28. 27. Objectives 1 and 3: TAs: novation of contracts

29. 28. Objectives 1 and 3: TAs: disclosure of information

30. 29. Objectives 1 and 3: PPTAs: Condition 4 and restrictions

31. 30. Objectives 1 and 3: PPTAs: reverse transfers

32. 31. Objectives 1 and 3: PPTAs: set-off and netting

33. 32. Objectives 1 and 3: PPTAs: security interests

34. 33. Objectives 1 and 3: PPTAs capital markets arrangements

35. 34. Objectives 1 and 3: PPTAs: financial markets

36. 35. Objective 2: engagement: payment systems, market disruption and consumer protection

37. 36. Continuity of supply

38. 37. Application of the IA 1986 in England, Wales and Scotland

39. 37A. Application of the I(NI)O 1989 and related insolvency legislation in Northern Ireland

40. 38. FCA direction

41. 39. Administrator’s proposals in the event of FCA direction

42. 40. Revision of proposals in the event of FCA direction

43. 41. FCA direction withdrawn

44. 42. Safeguarding failures: costs of the administration

45. 43. Successful rescue

46. 44. Dissolution or voluntary arrangement

47. 45. Special administration order as an alternative order

48. 46. Disqualification of directors : Great Britain

49. 46A. Disqualification of directors: Northern Ireland

50. 47. Further provision on special administration: schedules

51. 48. FSMA 2000, Pt 24: application to payment and electronic money institution insolvency except special administration

52. 49. Correction of defect in instrument relating to the UK’s withdrawal from the EU and bank recovery and resolution

53. Signature

54. 1. SCHEDULE 1

       How special administration applies to English/Welsh /Scottish LLPs

       1. 1. This Schedule makes provision about how special administration applies to...

       2. 2. In this Schedule— (a) the “ LLPR 2001 ” means...

       3. 3. The provisions of the IA 1986 mentioned in the first...

       4. 4. The CDDA 1986 as applied and modified by these Regulations...

       5. 5. The following legislation applies to institutions which are formed as...

    2. SCHEDULE 1A

       How special administration applies to Northern Ireland LLPs

       1. 1. This Schedule makes provision about how special administration applies to...

       2. 2. In this Schedule “ LLPR (NI) 2004 ” means the...

       3. 3. The provisions of the I(NI)O 1989 mentioned in the first...

       4. 4. The CDD(NI)O 2002 as applied and modified by these Regulations...

       5. 5. The following legislation applies to institutions which are formed as...

    3. SCHEDULE 2

       How special administration applies to English/Welsh partnerships

       1. 1. This Schedule makes provision about how special administration applies to...

       2. 2. In this Schedule, the “IPO 1994” means the Insolvent Partnerships...

       3. 3. Where an institution is formed as a partnership, then—

       4. 4. Table 2 sets out— (a) in the first column, versions...

       5. 5. Each IPO 1994 version in the first column of Table...

       6. 6. Where there is an entry for an IPO 1994 version...

       7. 7. Article 16 of the IPO 1994 applies to an institution...

       8. 8. The general modifications are— (i) references to a provision of...

       9. 9. Article 18 of and Schedule 10 to the IPO 1994...

    4. SCHEDULE 2A

       How special administration applies to Northern Ireland partnerships

       1. 1. This Schedule makes provision about how special administration applies to...

       2. 2. In this Schedule “ IPO (NI) 1995 ” means the...

       3. 3. Where an institution is formed as a partnership, then—

       4. 4. Table 2 sets out— (a) in the first column, versions...

       5. 5. Each IPO (NI) 1995 version in the first column of...

       6. 6. Where there is an entry for an IPO (NI) 1995...

       7. 7. Article 16 of the IPO (NI) 1995 applies to an...

       8. 8. The general modifications are— (a) references to a provision of...

       9. 9. Article 18 of and Schedule 10 to the IPO (NI)...

    5. SCHEDULE 3

       Further provision about how other legislation applies to companies in special administration

       1. 1. Introduction

       2. 2. General modifications

       3. 3. References to— (a) a Schedule B1 administrator are to be...

       4. 4. Pensions Act 2004 and the Pensions (Northern Ireland) Order 2005

       5. 5. CA 2006

       6. 6. Land Registration Rules

    6. SCHEDULE 4

       Consequential amendments

       1. PART 1 Primary legislation

          1. 1. The Companies Act 1985

          2. 2. The Finance Act 1986

          3. 3. The Third Parties (Rights against Insurers) Act 2010

       2. PART 2 Secondary legislation

          1. 4. The EMR 2011

          2. 5. The IBSAR 2011

          3. 6. The PSR 2017

55. Explanatory Note