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The Payment and Electronic Money Institution Insolvency Regulations 2021

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9.—(1) In this regulation—

(a)Ground A is that the institution is, or is likely to become, unable to pay its debts,

(b)Ground B is that it is fair to put the institution into special administration, and

(c)Ground C is that it is expedient in the public interest to put the institution into special administration.

(2) For the meaning of “unable to pay its debts”, in paragraph (1)(a), see section 93(4) of the BA 2009 (as applied and modified by the EMR 2011 and the PSR 2017(1)).

(3) The FCA or a person listed in regulation 8(1)(a) to (f) may apply for a special administration order only if they consider that Ground A or Ground B is met.

(4) The Secretary of State may apply for a special administration order only if it appears to the Secretary of State that Grounds B and C are met.

(5) The sources of information on the basis of which the Secretary of State may reach a decision on Ground C include those listed in section 124A(1) of the IA 1986 (petition for winding up on grounds of public interest).

(1)

Regulation 24A of and paragraph 1 of Schedule 2ZA to the EMR 2011 apply and modify section 93(4) of the BA 2009 in respect of electronic money institutions. Regulation 23A of and paragraph 1 of Schedule 3A to the PSR 2017 apply and modify section 93(4) of the BA 2009 in respect of payment institutions.

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