{
  "url": "https://openlegislation.uk/draft-payment-and-electronic-money-institution-insolvency-regulations-2021/regulation-6",
  "json_url": "https://openlegislation.uk/draft-payment-and-electronic-money-institution-insolvency-regulations-2021/regulation-6.json",
  "legislation": "ukdsi/2021/9780348222814",
  "legislation_title": "The Payment and Electronic Money Institution Insolvency Regulations 2021",
  "legislation_url": "https://openlegislation.uk/draft-payment-and-electronic-money-institution-insolvency-regulations-2021",
  "path": "regulation/6",
  "kind": "regulation",
  "number": "6",
  "heading": "Definitions",
  "text": "In these Regulations, the words and expressions in the first column of the Table have the meaning indicated in the second column—\nWord or expression\nMeaning\nBA 2009\nBanking Act 2009\nCA 2006\nCompanies Act 2006\nCDDA 1986\nCompany Directors Disqualification Act 1986\nFSMA 2000\nhas the meaning given in regulation 4(4)\nIA 1986\nInsolvency Act 1986\nSBEEA 2015\nSmall Business, Enterprise and Employment Act 2015\nEMR 2011\nElectronic Money Regulations 2011\nIBSAR 2011\nInvestment Bank Special Administration Regulations 2011\nPSR 2017\nPayment Services Regulations 2017\nadministrator (except in the expression Schedule B1 administrator)\nperson appointed under regulation 7\nagency or distribution services (in the case of electronic money institutions)\nservices provided by an agent or distributor within the meaning of regulation 2(1) of the EMR 2011\nagency services (in the case of a payment institutions)\nservices provided by an agent within the meaning of regulation 2(1) of the PSR 2017\nasset pool (in the case of electronic money institutions)\n(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\n(b) in any other case, see regulation 24(4) of the EMR 2011\nasset pool (in the case of payment institutions)\nsee regulation 23(18) of the PSR 2017\nauthorised payment institution\nsee regulation 2(1) of the PSR 2017\nAuthorities\nthe Bank of England, the Treasury and the FCA\ncontributory\nhas the same meaning as in the IA 1986 (see section 79 of that Act) as applied and modified by these Regulations\ncourt\n(a) in England and Wales, the High Court, and\n(b) in Scotland, the Court of Session\nelectronic money\nsee regulation 2(1) of the EMR 2011\nelectronic money institution\nsee regulation 2(1) of the EMR 2011\nenactment\nincludes—\n(a) an enactment contained in, or in an instrument made under, an Act of the Scottish Parliament,\n(b) an enactment contained in, or in an instrument made under, a Measure or Act of Senedd Cymru, and\n(c) any retained direct EU legislation\nfair\nhas the same meaning as in Part 2 of the BA 2009 (see section 93(8) of that Act)\nFCA\nFinancial Conduct Authority\nforeign property\nhas the same meaning as in the BA 2009 (see section 39(2) of that Act)\nholder\nelectronic money holder\nspecial administration insolvency rules\nrules made under section 411 of the IA 1986 as applied and modified by these Regulations to give effect to these Regulations\ninstitution\nhas the meaning given in regulation 4(1)\ninstitution’s own bank accounts\nincludes any account, other than a relevant funds account, opened by the administrator for the purposes of the special administration\nObjective 1\nhas the meaning given in regulation in 12(2)\nObjective 2\nhas the meaning given in regulation in 12(3)\nObjective 3\nhas the meaning given in regulation in 12(4)\npayment institution\nauthorised payment institution or small payment institution\npayment services\nsee regulation 2(1) of the PSR 2017\npayment system\nhas the same meaning as in the BA 2009 (see section 182 of that Act)\npayment system operator\nhas the same meaning as in the BA 2009 (see section 183 of that Act)\npayment transaction\nsee regulation 2(1) of the PSR 2017\nPPTA\nhas the meaning given in regulation 24(3)\nPS or EMI contract\ncontract for payment services or electronic money issuance\nrelevant funds (in the case of electronic money institutions)\n(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\n(b) in any other case, see regulation 20(1) of the EMR 2011\nrelevant funds (in the case of payment institutions)\nsee regulation 23(1) and (2) of the PSR 2017\nrelevant funds account\naccount which an institution maintains in order to safeguard relevant funds\nrelevant funds claim\nclaim, of a user or holder, for the return of relevant funds\nreverse transfer\nhas the meaning given in regulation 30(1)(a)\nsafeguard (in the case of electronic money institutions)\n(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\n(b) in any other case, has the same meaning as in the EMR 2011 (see regulations 20 to 22 of those Regulations)\nsafeguard (in the case of payment institutions)\nhas the same meaning as in the PSR 2017 (see regulation 23 of those Regulations)\nSchedule B1\nSchedule B1 to the IA 1986\nSchedule B1 administration\nthe administration procedure set out in Schedule B1\nSchedule B1 administration order\nadministration order made under Schedule B1 (see paragraph 10 of that Schedule)\nSchedule B1 administrator\nadministrator appointed under Schedule B1\nsmall electronic money institution\nsee regulation 2(1) of the EMR 2017\nsmall payment institution\nsee regulation 2(1) of the PSR 2017\nspecial administration (except in the expression investment bank special administration)\npayment institution special administration or electronic money institution special administration (see regulation 4(3))\nspecial administration objectives\nObjective 1, Objective 2 and Objective 3\nspecial administration order\nhas the meaning given in regulation 7\nstatement of proposals\nstatement of proposals drawn up by the administrator in accordance with—\n(a) paragraph 49 of Schedule B1 as applied and modified by these Regulations, or\n(b) where the FCA has given a direction, regulation 39\nTA\nhas the meaning given in regulation 24(2)\ntransferee\nhas the meaning given in regulation 24(2)\nuser\npayment service user (see regulation 2(1) of the PSR 2017)\nvoluntarily safeguard (in the case of small electronic money institutions)\nvoluntarily safeguard pursuant to regulation 20(6) of the EMR 2011 and regulation 23(16) of the PSR 2017\nvoluntarily safeguard (in the case of small payment institutions)\nvoluntarily safeguard pursuant to regulation 23(16) of the PSR 2017",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "2009 c. 1."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "2006 c. 46."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "1986 c. 46."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "1986 c. 45."
    },
    {
      "type": "footnote",
      "label": "f5",
      "text": "2015 c. 26."
    },
    {
      "type": "footnote",
      "label": "f6",
      "text": "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."
    },
    {
      "type": "footnote",
      "label": "f7",
      "text": "S.I. 2011/245, amended by S.I. 2013/472, 2017/443. There are other amending instruments but none is relevant."
    },
    {
      "type": "footnote",
      "label": "f8",
      "text": "S.I. 2017/752, amended by S.I. 2017/1173, 2018/1021. There are other amending instruments but none is relevant."
    },
    {
      "type": "footnote",
      "label": "f9",
      "text": "Section 182 was amended by the Digital Economy Act 2017 (c. 30)."
    },
    {
      "type": "footnote",
      "label": "f10",
      "text": "Section 183(a) was amended by the Digital Economy Act 2017 (c. 30)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2021/9780348222814/regulation/6",
    "retrieved_at": "2026-10-30T14:47:23.719408+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}