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The Payment and Electronic Money Institution Insolvency Regulations 2021

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This is the original version (as it was originally made).

Definitions

This section has no associated Explanatory Memorandum

6.  In these Regulations, the words and expressions in the first column of the Table have the meaning indicated in the second column—

Word or expressionMeaning
BA 2009Banking Act 2009(1)
CA 2006Companies Act 2006(2)
CDDA 1986Company Directors Disqualification Act 1986(3)
FSMA 2000has the meaning given in regulation 4(4)
IA 1986Insolvency Act 1986(4)
SBEEA 2015Small Business, Enterprise and Employment Act 2015(5)
EMR 2011Electronic Money Regulations 2011(6)
IBSAR 2011Investment Bank Special Administration Regulations 2011(7)
PSR 2017Payment Services Regulations 2017(8)
administrator (except in the expression Schedule B1 administrator)person appointed under regulation 7
agency or distribution services (in the case of electronic money institutions)services provided by an agent or distributor within the meaning of regulation 2(1) of the EMR 2011
agency services (in the case of a payment institutions)services provided by an agent within the meaning of regulation 2(1) of the PSR 2017
asset pool (in the case of electronic money institutions)

(a) in the case of funds received for the execution of payment transactions which are not related to the issuance of electronic money, see regulation 23(18) of the PSR 2017, or

(b) in any other case, see regulation 24(4) of the EMR 2011

asset pool (in the case of payment institutions)see regulation 23(18) of the PSR 2017
authorised payment institutionsee regulation 2(1) of the PSR 2017
Authoritiesthe Bank of England, the Treasury and the FCA
contributoryhas the same meaning as in the IA 1986 (see section 79 of that Act) as applied and modified by these Regulations
court

(a) in England and Wales, the High Court, and

(b) in Scotland, the Court of Session

electronic moneysee regulation 2(1) of the EMR 2011
electronic money institutionsee regulation 2(1) of the EMR 2011
enactment

includes—

(a) an enactment contained in, or in an instrument made under, an Act of the Scottish Parliament,

(b) an enactment contained in, or in an instrument made under, a Measure or Act of Senedd Cymru, and

(c) any retained direct EU legislation

fairhas the same meaning as in Part 2 of the BA 2009 (see section 93(8) of that Act)
FCAFinancial Conduct Authority
foreign propertyhas the same meaning as in the BA 2009 (see section 39(2) of that Act)
holderelectronic money holder
special administration insolvency rulesrules made under section 411 of the IA 1986 as applied and modified by these Regulations to give effect to these Regulations
institutionhas the meaning given in regulation 4(1)
institution’s own bank accountsincludes any account, other than a relevant funds account, opened by the administrator for the purposes of the special administration
Objective 1has the meaning given in regulation in 12(2)
Objective 2has the meaning given in regulation in 12(3)
Objective 3has the meaning given in regulation in 12(4)
payment institutionauthorised payment institution or small payment institution
payment servicessee regulation 2(1) of the PSR 2017
payment systemhas the same meaning as in the BA 2009 (see section 182 of that Act(9))
payment system operatorhas the same meaning as in the BA 2009 (see section 183 of that Act(10))
payment transactionsee regulation 2(1) of the PSR 2017
PPTAhas the meaning given in regulation 24(3)
PS or EMI contractcontract for payment services or electronic money issuance
relevant funds (in the case of electronic money institutions)

(a) in the case of funds received for the execution of payment transactions which are not related to the issuance of electronic money, see regulation 23(1) and (2) of the PSR 2017

(b) in any other case, see regulation 20(1) of the EMR 2011

relevant funds (in the case of payment institutions)see regulation 23(1) and (2) of the PSR 2017
relevant funds accountaccount which an institution maintains in order to safeguard relevant funds
relevant funds claimclaim, of a user or holder, for the return of relevant funds
reverse transferhas the meaning given in regulation 30(1)(a)
safeguard (in the case of electronic money institutions)

(a) in the case of relevant funds received for the execution of payment transactions which are not related to the issuance of electronic money, has the same meaning as in the PSR 2017 (see regulation 23 of those Regulations), or

(b) in any other case, has the same meaning as in the EMR 2011 (see regulations 20 to 22 of those Regulations)

safeguard (in the case of payment institutions)has the same meaning as in the PSR 2017 (see regulation 23 of those Regulations)
Schedule B1Schedule B1 to the IA 1986
Schedule B1 administrationthe administration procedure set out in Schedule B1
Schedule B1 administration orderadministration order made under Schedule B1 (see paragraph 10 of that Schedule)
Schedule B1 administratoradministrator appointed under Schedule B1
small electronic money institutionsee regulation 2(1) of the EMR 2017
small payment institutionsee regulation 2(1) of the PSR 2017
special administration (except in the expression investment bank special administration)payment institution special administration or electronic money institution special administration (see regulation 4(3))
special administration objectivesObjective 1, Objective 2 and Objective 3
special administration orderhas the meaning given in regulation 7
statement of proposals

statement of proposals drawn up by the administrator in accordance with—

(a) paragraph 49 of Schedule B1 as applied and modified by these Regulations, or

(b) where the FCA has given a direction, regulation 39

TAhas the meaning given in regulation 24(2)
transfereehas the meaning given in regulation 24(2)
userpayment service user (see regulation 2(1) of the PSR 2017)
voluntarily safeguard (in the case of small electronic money institutions)voluntarily safeguard pursuant to regulation 20(6) of the EMR 2011 and regulation 23(16) of the PSR 2017
voluntarily safeguard (in the case of small payment institutions)voluntarily safeguard pursuant to regulation 23(16) of the PSR 2017
(6)

S.I. 2011/99, amended by S.I. 2013/3115, 2015/575, 2017/252, 2017/1173, 2018/1021. There are other amending instruments but none is relevant.

(7)

S.I. 2011/245, amended by S.I. 2013/472, 2017/443. There are other amending instruments but none is relevant.

(8)

S.I. 2017/752, amended by S.I. 2017/1173, 2018/1021. There are other amending instruments but none is relevant.

(9)

Section 182 was amended by the Digital Economy Act 2017 (c. 30).

(10)

Section 183(a) was amended by the Digital Economy Act 2017 (c. 30).

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