The Payment Services Regulations 2017

[F1 Insolvency regulations U.K.

3.   Section 234 of the Banking Act 2009 (regulations: details) applies as if—

(a) references to investment bank insolvency regulations were to payment institution insolvency regulations;

(b) references to an investment bank were to an authorised payment institution or a small payment institution;

(c) in subsection (2)(a), the reference to a trustee of client assets were to a trustee in respect of relevant funds;

(d) in subsection (6)—

(i) references to assets included references to money;

(ii) for paragraphs (a) and (b) there were substituted—

“(a) establishing a mechanism for determining which assets are held in the asset pool;

(b) establishing a mechanism for determining that assets are to be, or not to be, treated as part of the asset pool;

(ba) establishing a mechanism for determining whether the asset pool is sufficient to satisfy all the claims of the payment service users in question;

(bb) for steps to be taken by the administrator, if it is determined that the asset pool is not sufficient to satisfy all the claims of the payment service users in question;

(bc) about the constitution of the asset pool;”;

(iii) in paragraphs (c) and (f), the references to client assets were to the asset pool; and

(iv) in paragraph (e), “financial” were omitted; and

(e) in subsection (7)(a), the reference to client assets were to relevant funds.]

Textual Amendments

F1 Sch. 3A inserted (8.12.2020) by The Payment Services and Electronic Money (Amendment) Regulations 2020 (S.I. 2020/1275), regs. 1(2), 7