Paragraph 5 The IBSAR 2011

(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”.