Overview4

1

Regulations 7 to 48 and Schedules 1 to 4 make provision about the insolvency of payment institutions and electronic money institutions (“institutions”).

2

Regulations 7 to 47 and Schedules 1 to 4 set out a special alternative procedure for the insolvency of institutions.

3

The procedure is to be known as—

a

payment institution special administration, where the institution is a payment institution, or

b

electronic money institution special administration, where the institution is an electronic money institution.

4

Regulation 48 applies with modifications various provisions of Part 24 of the Financial Services and Markets Act 20005 (“FSMA 2000”) to institutions except in respect of special administration.

5

Regulation 49 corrects a defect in an instrument relating to the United Kingdom’s withdrawal from the European Union and bank recovery and resolution.