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The Payment and Electronic Money Institution Insolvency Regulations 2021

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Changes over time for: Paragraph 5

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Point in time view as at 08/07/2021.

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There are currently no known outstanding effects for the The Payment and Electronic Money Institution Insolvency Regulations 2021, Paragraph 5. Help about Changes to Legislation

The IBSAR 2011U.K.

This section has no associated Explanatory Memorandum

5.—(1) The IBSAR 2011 are amended as follows.

(2) In regulation 8

(a)after paragraph (1) insert—

(1A) An application for an order under regulation 8 of the Payment and Electronic Money Institution Insolvency Regulations 2021 in respect of an investment bank may not be made unless the conditions in paragraph (5) are satisfied.;

(b)in paragraph (8), in the definition of “preliminary steps taken in respect of an insolvency procedure”, after paragraph (a) insert—

(aa)an application for an order under regulation 8 of the Payment and Electronic Money Institution Insolvency Regulations 2021 has been made;.

(3) In regulation 22(1)—

(a)for “or” substitute a comma;

(b)after “administration order” insert “or an order under regulation 8 of the Payment and Electronic Money Institution Insolvency Regulations 2021”.

Commencement Information

I1Sch. 4 para. 5 in force at 8.7.2021, see reg. 2

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