Section 24(4)

In this regulation— “asset pool” means— any relevant funds segregated in accordance with regulation 21(1); any relevant funds held in an account accordance with regulation 21(2)(a); where regulation 21(4A) applies, any funds that are received into the account held at the Bank of England upon settlement in respect of transfer orders that have been entered into the designated system on behalf of electronic money holders, whether settlement occurs before or after the insolvency event; any relevant assets held in an account in accordance with regulation 21(2)(b); any proceeds of an insurance policy or guarantee held in an account in accordance with regulation 22(1)(b); “insolvency event” has the same meaning as in regulation 22; “insolvency proceeding” means— winding-up, administration, receivership, bankruptcy or, in Scotland, sequestration; a voluntary arrangement, deed of arrangement or trust deed for the benefit of creditors; or the administration of the insolvent estate of a deceased person; “security right” means— security for a debt owed by an electronic money institution and includes any charge, lien, mortgage or other security over the asset pool or any part of the asset pool; and any charge arising in respect of the expenses of a voluntary arrangement.

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