UK Statutory Instrument
2021
United Kingdom
The Payment and Electronic Money Institution Insolvency Regulations 2021
At a glance
Enforced by
What's here
1 compliance obligation
Who this Act binds
Plus 1 non-business duty on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Schedules
Browse 40 other Schedules — structural / supplementary
In this Schedule— (a) the “ LLPR 2001 ” means...
The provisions of the IA 1986 mentioned in the first...
The CDDA 1986 as applied and modified by these Regulations...
The following legislation applies to institutions which are formed as...
This Schedule makes provision about how special administration applies to...
In this Schedule “ LLPR (NI) 2004 ” means the...
The provisions of the I(NI)O 1989 mentioned in the first...
The CDD(NI)O 2002 as applied and modified by these Regulations...
The following legislation applies to institutions which are formed as...
This Schedule makes provision about how special administration applies to...
In this Schedule, the “IPO 1994” means the Insolvent Partnerships...
Where an institution is formed as a partnership, then—
Table 2 sets out— (a) in the first column, versions...
Each IPO 1994 version in the first column of Table...
Where there is an entry for an IPO 1994 version...
Article 16 of the IPO 1994 applies to an institution...
The general modifications are— (i) references to a provision of...
Article 18 of and Schedule 10 to the IPO 1994...
This Schedule makes provision about how special administration applies to...
In this Schedule “ IPO (NI) 1995 ” means the...
Where an institution is formed as a partnership, then—
Table 2 sets out— (a) in the first column, versions...
Each IPO (NI) 1995 version in the first column of...
Where there is an entry for an IPO (NI) 1995...
Article 16 of the IPO (NI) 1995 applies to an...
The general modifications are— (a) references to a provision of...
Article 18 of and Schedule 10 to the IPO (NI)...
Introduction
General modifications
References to— (a) a Schedule B1 administrator are to be...
Pensions Act 2004 and the Pensions (Northern Ireland) Order 2005
CA 2006
Land Registration Rules
The Companies Act 1985
The Finance Act 1986
The Third Parties (Rights against Insurers) Act 2010
The EMR 2011
The IBSAR 2011
The PSR 2017
Continuity of supply
Other duties (1) — Crown / regulator
- Suppliers cannot cut off your essential services without grounds Statutory regulator
Browse 50 other sections — procedural / definitional / commencement
Citation
Commencement
Extent
Overview
Application: Scottish LLPs and partnerships
Definitions
Special administration order
Application for order
Grounds for applying
Powers of the court
Notice to FCA: other proceedings
Special administration objectives
Objective 1: initial reconciliation
Objective 1: constitution of asset pool
Objective 1: monitoring and maintaining asset pool
Objective 1: post-administration receipts
Objective 1: determining claim entitlements
Objective 1: principles of distribution
Objective 1: shortfalls in asset pool
Objective 1: bar date
Objective 1: hard bar date
Objective 1: hard bar date: powers of the court
Objective 1: interest on relevant funds claims
Objectives 1 and 3: transfer arrangements: overview
Objectives 1 and 3: TAs: Conditions 1 to 3
Objectives 1 and 3: TAs: effect
Objectives 1 and 3: TAs: novation of contracts
Objectives 1 and 3: TAs: disclosure of information
Objectives 1 and 3: PPTAs: Condition 4 and restrictions
Objectives 1 and 3: PPTAs: reverse transfers
Objectives 1 and 3: PPTAs: set-off and netting
Objectives 1 and 3: PPTAs: security interests
Objectives 1 and 3: PPTAs capital markets arrangements
Objectives 1 and 3: PPTAs: financial markets
Objective 2: engagement: payment systems, market disruption and consumer protection
Application of the IA 1986 in England, Wales and Scotland
Application of the I(NI)O 1989 and related insolvency legislation in Northern Ireland
FCA direction
Administrator’s proposals in the event of FCA direction
Revision of proposals in the event of FCA direction
FCA direction withdrawn
Safeguarding failures: costs of the administration
Successful rescue
Dissolution or voluntary arrangement
Special administration order as an alternative order
Disqualification of directors : Great Britain
Disqualification of directors: Northern Ireland
Further provision on special administration: schedules
FSMA 2000, Pt 24: application to payment and electronic money institution insolvency except special administration
Correction of defect in instrument relating to the UK’s withdrawal from the EU and bank recovery and resolution
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
Financial Conduct Authority
Regulation of financial services firms and markets. Supervises banks, insurers, investment firms, payment services, and cryptoasset businesses. Issues authorisations and enforces conduct …
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Regulators
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