http://www.legislation.gov.uk/uksi/2021/716/regulation/38The Payment and Electronic Money Institution Insolvency Regulations 2021enFINANCIAL SERVICES AND MARKETSStatute Law Database2024-05-20Expert Participation2024-01-04 These Regulations establish a new insolvency procedure to be known as payment institution special administration or electronic money institution special administration (as the case may be) to operate as an alternative to the liquidation or administration of those institutions under the Insolvency Act 1986 (c. 45) (see regulations 7 to 47 and Schedules 1 to 4). FCA direction381The FCA may direct the administrator to prioritise one or more special administration objectives, subject as follows.2A direction may only be given if the FCA is satisfied that the giving of the direction is necessary, having regard to the public interest in—athe stability of the financial systems of the United Kingdom,bthe maintenance of public confidence in the stability of the financial markets, payment systems and payment services and electronic money sectors of the United Kingdom, orcsecuring an appropriate degree of protection for users or holders.3A direction must be given in writing and should set out reasons for giving the direction.4Before giving a direction the FCA must consult the Treasury and the Bank of England.5If the FCA thinks that the circumstances that gave rise to the need for it to give a direction have passed, it must withdraw its direction.6Where the FCA has given a direction under this regulation and the direction has not been withdrawn, the following provisions do not apply—ain England and Wales and Scotland, paragraphs 49(1) to (3), 51, 53, 54 and 55 of Schedule B1 to the IA 1986;bin Northern Ireland, paragraphs 50(1) to (3), 52, 54, 55 and 56 of Schedule B1 to the I(NI)O 1989.Reg. 38 in force at 8.7.2021, see reg. 2Reg. 38(6) substituted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 13
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<dc:title>The Payment and Electronic Money Institution Insolvency Regulations 2021</dc:title>
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<dc:description>These Regulations establish a new insolvency procedure to be known as payment institution special administration or electronic money institution special administration (as the case may be) to operate as an alternative to the liquidation or administration of those institutions under the Insolvency Act 1986 (c. 45) (see regulations 7 to 47 and Schedules 1 to 4).</dc:description>
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38
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<Text>Before giving a direction the FCA must consult the Treasury and the Bank of England.</Text>
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Reg. 38 in force at 8.7.2021, see
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substituted (4.1.2024) by
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,
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