The Electronic Money Regulations 2011

InsolvencyU.K.

This section has no associated Explanatory Memorandum

7.  Sections 359M1 (administration order), 367 (winding-up petitions) and 368 (winding-up petitions: EEA and Treaty firms) of the 2000 Act apply with the following modifications—

(a)for references to “an authorised person” substitute “ an electronic money institution or an EEA electronic money institution ”;

[F1(aa)omit references to a recognised investment exchange;]

(b)in section 359—

(i)omit subsections (1)(b), (3)(b) and (c) M2 and (5);

(ii)for subsection (1)(c) substitute—

“(c)is issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.”;

(iii)in subsection (3)(a) omit “or partnership” and for “an agreement” substitute “ a contract for electronic issuance or payment services ”; and

(iv)in subsection (4) omit the definitions of “agreement”, “authorised deposit taker”, “authorised reclaim fund”M3 and “relevant deposit”;

(c)in section 367—

(i)omit subsections (1)(b), (2), (5), (6) and (7);

(ii)for subsection (1)(c) substitute—

“(c)is issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.”; and

(iii)in subsection (4) for “an agreement” substitute “ a contract for electronic money issuance or payment services ”; and

[F2(d)in section 368, for “a regulator” in each place it appears substitute “the FCA”;]

Textual Amendments

Marginal Citations

M1Substituted by the Enterprise Act 2002, section 248(3), Schedule 17, paragraphs 53 and 55 and amended by S.I. 2005/1455.

M3Inserted by the Dormant Bank and Building Society Accounts Act 2008.