# The Payment and Electronic Money Institution Insolvency Regulations 2021, Regulation 6: Definitions In these Regulations, the words and expressions in the first column of the Table have the meaning indicated in the second column— Word or expression Meaning BA 2009 Banking Act 2009 CA 2006 Companies Act 2006 CDDA 1986 Company Directors Disqualification Act 1986 FSMA 2000 has the meaning given in regulation 4(4) IA 1986 Insolvency Act 1986 SBEEA 2015 Small Business, Enterprise and Employment Act 2015 EMR 2011 Electronic Money Regulations 2011 IBSAR 2011 Investment Bank Special Administration Regulations 2011 PSR 2017 Payment Services Regulations 2017 administrator (except in the expression Schedule B1 administrator) person appointed under regulation 7 agency or distribution services (in the case of electronic money institutions) services provided by an agent or distributor within the meaning of regulation 2(1) of the EMR 2011 agency services (in the case of a payment institutions) services provided by an agent within the meaning of regulation 2(1) of the PSR 2017 asset pool (in the case of electronic money institutions) (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 (b) in any other case, see regulation 24(4) of the EMR 2011 asset pool (in the case of payment institutions) see regulation 23(18) of the PSR 2017 authorised payment institution see regulation 2(1) of the PSR 2017 Authorities the Bank of England, the Treasury and the FCA contributory has the same meaning as in the IA 1986 (see section 79 of that Act) as applied and modified by these Regulations court (a) in England and Wales, the High Court, and (b) in Scotland, the Court of Session electronic money see regulation 2(1) of the EMR 2011 electronic money institution see regulation 2(1) of the EMR 2011 enactment includes— (a) an enactment contained in, or in an instrument made under, an Act of the Scottish Parliament, (b) an enactment contained in, or in an instrument made under, a Measure or Act of Senedd Cymru, and (c) any retained direct EU legislation fair has the same meaning as in Part 2 of the BA 2009 (see section 93(8) of that Act) FCA Financial Conduct Authority foreign property has the same meaning as in the BA 2009 (see section 39(2) of that Act) holder electronic money holder special administration insolvency rules rules made under section 411 of the IA 1986 as applied and modified by these Regulations to give effect to these Regulations institution has the meaning given in regulation 4(1) institution’s own bank accounts includes any account, other than a relevant funds account, opened by the administrator for the purposes of the special administration Objective 1 has the meaning given in regulation in 12(2) Objective 2 has the meaning given in regulation in 12(3) Objective 3 has the meaning given in regulation in 12(4) payment institution authorised payment institution or small payment institution payment services see regulation 2(1) of the PSR 2017 payment system has the same meaning as in the BA 2009 (see section 182 of that Act) payment system operator has the same meaning as in the BA 2009 (see section 183 of that Act) payment transaction see regulation 2(1) of the PSR 2017 PPTA has the meaning given in regulation 24(3) PS or EMI contract contract for payment services or electronic money issuance relevant funds (in the case of electronic money institutions) (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 (b) in any other case, see regulation 20(1) of the EMR 2011 relevant funds (in the case of payment institutions) see regulation 23(1) and (2) of the PSR 2017 relevant funds account account which an institution maintains in order to safeguard relevant funds relevant funds claim claim, of a user or holder, for the return of relevant funds reverse transfer has the meaning given in regulation 30(1)(a) safeguard (in the case of electronic money institutions) (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 (b) in any other case, has the same meaning as in the EMR 2011 (see regulations 20 to 22 of those Regulations) safeguard (in the case of payment institutions) has the same meaning as in the PSR 2017 (see regulation 23 of those Regulations) Schedule B1 Schedule B1 to the IA 1986 Schedule B1 administration the administration procedure set out in Schedule B1 Schedule B1 administration order administration order made under Schedule B1 (see paragraph 10 of that Schedule) Schedule B1 administrator administrator appointed under Schedule B1 small electronic money institution see regulation 2(1) of the EMR 2017 small payment institution see regulation 2(1) of the PSR 2017 special administration (except in the expression investment bank special administration) payment institution special administration or electronic money institution special administration (see regulation 4(3)) special administration objectives Objective 1, Objective 2 and Objective 3 special administration order has the meaning given in regulation 7 statement of proposals statement of proposals drawn up by the administrator in accordance with— (a) paragraph 49 of Schedule B1 as applied and modified by these Regulations, or (b) where the FCA has given a direction, regulation 39 TA has the meaning given in regulation 24(2) transferee has the meaning given in regulation 24(2) user payment service user (see regulation 2(1) of the PSR 2017) voluntarily safeguard (in the case of small electronic money institutions) voluntarily safeguard pursuant to regulation 20(6) of the EMR 2011 and regulation 23(16) of the PSR 2017 voluntarily safeguard (in the case of small payment institutions) voluntarily safeguard pursuant to regulation 23(16) of the PSR 2017 --- Source: https://www.legislation.gov.uk/ukdsi/2021/9780348222814/regulation/6 (the official version) Page: https://openlegislation.uk/draft-payment-and-electronic-money-institution-insolvency-regulations-2021/regulation-6 Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.