SCHEDULE 6Application and modification of legislation

PART 1Application and modification of the 2000 Act

Insolvency9

Sections 359 (administration order)95, 367 (winding-up petitions) and 368 (winding-up petitions: EEA and Treaty firms)96 of the 2000 Act apply with the following modifications—

a

references to an authorised person are to be read as references to an authorised payment institution or an EEA authorised payment institution;

b

section 359 is to be read as if—

i

subsections (1)(b), (1A), (3)(b) and (c) and (5) were omitted;

ii

for subsection (1)(c) there were substituted—

c

is providing or has provided payment services in contravention of regulation 138(1) of the Payment Services Regulations 2017.

iii

in subsection (3)(a) there were omitted “or partnership” and for “an agreement” there were substituted “a contract for payment services”; and

iv

in subsection (4) the definitions of “agreement”, “authorised deposit taker”, “authorised reclaim fund” and “relevant deposit” were omitted;

c

section 367 is to be read as if—

i

subsections (1)(b), (1A), (2), (5), (6) and (7) were omitted;

ii

for subsection (1)(c) there were substituted—

c

is providing or has provided payment services in contravention of regulation 138(1) of the Payment Services Regulations 2017.

iii

in subsection (4) for “an agreement” there were substituted “a contract for payment services”; and

d

section 368 is to be read as if—

i

in subsection (1) for the words from “winding up” to the end substitute “winding up of an EEA authorised payment institution unless it has been asked to do so by the home state competent authority.”; and

ii

subsection (2) were omitted.