Explanatory note

These Regulations amend the Payment and Electronic Money Institution Insolvency Regulations 2021 (“the Regulations”), so that they are extended to limited liability partnerships formed under the law of Scotland. They also extend the Regulations to payment institutions and electronic money institutions incorporated in, or formed under, the law of Northern Ireland (“Northern Ireland institutions”). For this purpose, the Insolvency (Northern Ireland) Order 1989, the Limited Liability Partnerships Regulations (Northern Ireland) 2004 and the Insolvent Partnerships Order (Northern Ireland) 1995 are applied to Northern Ireland institutions with the necessary modifications to allow Northern Ireland institutions to be put into special administration.

A de minimis impact assessment of the effect these Regulations will have on business and the voluntary sector is available from HM Treasury, 1 Horse Guards Road, London SW1A 2HQ or on www.gov.uk and is published alongside these Regulations on www.legislation.gov.uk.