InsolvencyU.K.
This section has no associated Explanatory Memorandum
7. Sections 359 (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 ”;
[(aa)omit references to a recognised investment exchange;]
(b)in section 359—
(i)omit subsections (1)(b), (3)(b) and (c) 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” 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
[(d)in section 368, for “a regulator” in each place it appears substitute “the FCA”;]
Textual Amendments
Marginal Citations