# The Payment and Electronic Money Institution Insolvency Regulations 2021, 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”.

---
Source: https://www.legislation.gov.uk/ukdsi/2021/9780348222814/schedule/4/paragraph/5 (the official version)
Page: https://openlegislation.uk/draft-payment-and-electronic-money-institution-insolvency-regulations-2021/schedule-4/paragraph-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.