Paragraph 2 Insolvency regulationsF1

Section 233 of the Banking Act 2009 (insolvency regulations) applies as if—

(a)

references to investment bank insolvency regulations were to payment institution insolvency regulations;

(b)

references to investment banks were to authorised payment institutions and small payment institutions;

(c)

references to client assets were to relevant funds;

(d)

in subsection (3)(c), the reference to clients were to payment service users; and

(e)

in subsection (4)—

(i)

references to assets included references to money; and

(ii)

in paragraph (b), for “those which an institution undertook to hold for clients” there were substituted “relevant funds”.

Annotations

F1: Sch. 3A inserted (8.12.2020) by The Payment Services and Electronic Money (Amendment) Regulations 2020 (S.I. 2020/1275), regs. 1(2), 7

F1: Regulations revoked (14.12.2023 for the revocation of reg. 158) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(xix)