http://www.legislation.gov.uk/uksi/2021/716/schedule/4/paragraph/5/2021-07-08The Payment and Electronic Money Institution Insolvency Regulations 2021enFINANCIAL SERVICES AND MARKETSStatute Law Database2024-05-20Expert Participation2021-07-08 These Regulations establish a new insolvency procedure to be known as payment institution special administration or electronic money institution special administration (as the case may be) to operate as an alternative to the liquidation or administration of those institutions under the Insolvency Act 1986 (c. 45) (see regulations 7 to 47 and Schedules 1 to 4). SCHEDULE 4 Consequential amendments PART 2Secondary legislationThe IBSAR 2011 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”. Sch. 4 para. 5 in force at 8.7.2021, see reg. 2
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<dc:title>The Payment and Electronic Money Institution Insolvency Regulations 2021</dc:title>
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<dc:description>These Regulations establish a new insolvency procedure to be known as payment institution special administration or electronic money institution special administration (as the case may be) to operate as an alternative to the liquidation or administration of those institutions under the Insolvency Act 1986 (c. 45) (see regulations 7 to 47 and Schedules 1 to 4).</dc:description>
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5
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In regulation
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An application for an order under regulation
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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.
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an application for an order under regulation
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<Text>In regulation 22(1)—</Text>
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Sch. 4 para. 5 in force at 8.7.2021, see
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