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The Payment and Electronic Money Institution Insolvency Regulations 2021

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  1. Introductory Text

  2. 1.Citation

  3. 2.Commencement

  4. 3.Extent

  5. 4.Overview

  6. 5.Application: Scottish LLPs and partnerships

  7. 6.Definitions

  8. 7.Special administration order

  9. 8.Application for order

  10. 9.Grounds for applying

  11. 10.Powers of the court

  12. 11.Notice to FCA: other proceedings

  13. 12.Special administration objectives

  14. 13.Objective 1: initial reconciliation

  15. 14.Objective 1: constitution of asset pool

  16. 15.Objective 1: monitoring and maintaining asset pool

  17. 16.Objective 1: post-administration receipts

  18. 17.Objective 1: determining claim entitlements

  19. 18.Objective 1: principles of distribution

  20. 19.Objective 1: shortfalls in asset pool

  21. 20.Objective 1: bar date

  22. 21.Objective 1: hard bar date

  23. 22.Objective 1: hard bar date: powers of the court

  24. 23.Objective 1: interest on relevant funds claims

  25. 24.Objectives 1 and 3: transfer arrangements: overview

  26. 25.Objectives 1 and 3: TAs: Conditions 1 to 3

  27. 26.Objectives 1 and 3: TAs: effect

  28. 27.Objectives 1 and 3: TAs: novation of contracts

  29. 28.Objectives 1 and 3: TAs: disclosure of information

  30. 29.Objectives 1 and 3: PPTAs: Condition 4 and restrictions

  31. 30.Objectives 1 and 3: PPTAs: reverse transfers

  32. 31.Objectives 1 and 3: PPTAs: set-off and netting

  33. 32.Objectives 1 and 3: PPTAs: security interests

  34. 33.Objectives 1 and 3: PPTAs capital markets arrangements

  35. 34.Objectives 1 and 3: PPTAs: financial markets

  36. 35.Objective 2: engagement: payment systems, market disruption and consumer protection

  37. 36.Continuity of supply

  38. 37.Application of the IA 1986

  39. 38.FCA direction

  40. 39.Administrator’s proposals in the event of FCA direction

  41. 40.Revision of proposals in the event of FCA direction

  42. 41.FCA direction withdrawn

  43. 42.Safeguarding failures: costs of the administration

  44. 43.Successful rescue

  45. 44.Dissolution or voluntary arrangement

  46. 45.Special administration order as an alternative order

  47. 46.Disqualification of directors

  48. 47.Further provision on special administration: schedules

  49. 48.FSMA 2000, Pt 24: application to payment and electronic money institution insolvency except special administration

  50. 49.Correction of defect in instrument relating to the UK’s withdrawal from the EU and bank recovery and resolution

  51. Signature

    1. SCHEDULE 1

      How special administration applies to English/Welsh LLPs

      1. 1.This Schedule makes provision about how special administration applies to...

      2. 2.In this Schedule, the “LLPR 2001” means the Limited Liability...

      3. 3.The provisions of the IA 1986 mentioned in the first...

      4. 4.The CDDA 1986 as applied and modified by these Regulations...

      5. 5.The following legislation applies to institutions which are formed as...

    2. SCHEDULE 2

      How special administration applies to English/Welsh partnerships

      1. 1.This Schedule makes provision about how special administration applies to...

      2. 2.In this Schedule, the “IPO 1994” means the Insolvent Partnerships...

      3. 3.Where an institution is formed as a partnership, then—

      4. 4.Table 2 sets out— (a) in the first column, versions...

      5. 5.Each IPO 1994 version in the first column of Table...

      6. 6.Where there is an entry for an IPO 1994 version...

      7. 7.Article 16 of the IPO 1994 applies to an institution...

      8. 8.The general modifications are— (i) references to a provision of...

      9. 9.Article 18 of and Schedule 10 to the IPO 1994...

    3. SCHEDULE 3

      Further provision about how other legislation applies to companies in special administration

      1. 1.Introduction

      2. 2.General modifications

      3. 3.References to— (a) a Schedule B1 administrator are to be...

      4. 4.Pensions Act 2004

      5. 5.CA 2006

      6. 6.Land Registration Rules 2003

    4. SCHEDULE 4

      Consequential amendments

      1. PART 1 Primary legislation

        1. 1.The Companies Act 1985

        2. 2.The Finance Act 1986

        3. 3.The Third Parties (Rights against Insurers) Act 2010

      2. PART 2 Secondary legislation

        1. 4.The EMR 2011

        2. 5.The IBSAR 2011

        3. 6.The PSR 2017

  53. Explanatory Note

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