Schedule 2ZA, paragraph 3

Section 234 of the Banking Act 2009 (regulations: details) applies as if— references to investment bank insolvency regulations were to electronic money institution insolvency regulations; references to an investment bank were to an authorised electronic money institution or a small electronic money institution; in subsection (2)(a), the reference to a trustee of client assets were to a trustee in respect of relevant funds; in subsection (6)— references to assets included references to money; for sub-paragraphs (a) and (b) there were substituted— establishing a mechanism for determining which assets are held in an asset pool; establishing a mechanism for determining that assets are to be, or not to be, treated as part of an asset pool; establishing a mechanism for determining whether an asset pool is sufficient to satisfy all the claims of the electronic money holders or payment service users in question; for steps to be taken by the administrator, if it is determined that an asset pool is not sufficient to satisfy all the claims of the electronic money holders or payment service users in question; about the constitution of an asset pool; in paragraphs (c) and (f), the references to client assets were to an asset pool; and in paragraph (e), “financial” were omitted; and in subsection (7)(a), the reference to client assets were to relevant funds.

← 2 · All articles · 4 →

Source: legislation.gov.uk · retrieved 2026-09-04