# The Payment Services Regulations 2017, Paragraph 2: Insolvency regulations


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”.

---
Source: https://www.legislation.gov.uk/uksi/2017/752/schedule/3A/paragraph/2 (the official version)
Page: https://openlegislation.uk/payment-services-regulations-2017/schedule-3A/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.