Paragraph 6 The PSR 2017

(1)

Regulation 23 of the PSR 2017 is amended as follows.

(2)

In paragraph (14) after “insolvency event” insert “(except payment institution special administration)”.

(3)

In paragraph (18)—

(a)

in the definition of “insolvency event” omit the “or” at the end of paragraph (i) and after paragraph (j) insert—

“;

(k)
the entry of the institution into payment institution special administration; or;

(l)
the entry of the institution into investment bank special administration.”;

(b)

at the appropriate places insert—

““investment bank special administration” has the same meaning as in the Investment Bank Special Administration Regulations 2011 (see regulation 3(1) of those Regulations);”;

““payment institution special administration” has the same meaning as in the Payment and Electronic Money Institution Insolvency Regulations 2021 (see regulation 4(3));”.