The Payment and Electronic Money Institution Insolvency Regulations 2021

Revision of proposals in the event of FCA direction

40.—(1) This regulation applies where—

(a) the administrator’s statement of proposals under regulation 39 has been agreed with FCA (or the court has made an order dispensing with the need for agreement),

(b) the administrator proposes a revision to the proposals,

(c) the administrator thinks the revision is substantial, and

(d) the FCA has not withdrawn its direction given under regulation 38.

(2) The administrator must agree the revised statement with the FCA.

(3) Regulation 39(4) to (7) applies where the administrator is unable to agree the revised statement with the FCA.

(4) After the revised statement has been agreed with the FCA (or the court has made an order dispensing with the need for agreement) the administrator must send the revised statement to—

(a) every creditor of the institution of whose claim and address the administrator is aware,

(b) every user or holder of whose claim the administrator is aware and who the administrator has a means of contacting, and

(c) every member of the institution of whose address the administrator is aware.

(5) The administrator is to be taken to have complied with paragraph (4)(c) if the administrator publishes a notice undertaking to provide a copy of the revised statement free of charge to any member of the institution who applies in writing to a specified address.

(6) A notice under paragraph (5) must be published.

(7) The administrator must send a copy of the revised statement to—

(a) the court, and

(b) the registrar of companies.