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.