The Electronic Money Regulations 2011

Insolvency

7.  Sections 359(1) (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”;

(b) in section 359—

(i) omit subsections (1)(b), (3)(b) and (c)(2) 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”(3) 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 the words from “winding up” to the end substitute “winding up of an EEA electronic money institution unless it has been asked to do so by the home state competent authority.”.

(1)

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

(2)

Subsection (3)(c) was inserted by the Dormant Bank and Building Society Accounts Act 2008 (c.31), section 15, Schedule 2, paragraph 6.

(3)

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