Payment and E-money Institution Insolvency Regulations Take Effect On 8 July

As covered in December, the Payment and Electronic Money Institution Insolvency Regulations 2021 were passed on 17 June and take effect on 8 July 2021.

While the Regulations mainly deal with an insolvency scenario, it’s worth noting there is also provision for the Financial Conduct Authority to seek a special administration merely where that is ‘fair’ (see Regulation 9(1)(b) and 9(3)). This might assist in cases where the institution is solvent but otherwise proving difficult.

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