Section 23(18)

In this regulation— “asset pool” means— any relevant funds segregated in accordance with paragraph (5); any relevant funds held in an account in accordance with paragraph (6)(a); where paragraph (9) 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 payment service users, whether settlement occurs before or after the insolvency event; any relevant assets held in an account in accordance with paragraph (6)(b); and any proceeds of an insurance policy or guarantee held in an account in accordance with paragraph (12)(b); “authorised insurer” means a person authorised for the purposes of the 2000 Act to effect and carry out a contract of general insurance as principal ..., other than a person in the same group as the authorised payment institution; “authorised credit institution” means a person authorised for the purposes of the 2000 Act to accept deposits or an approved foreign credit institution (see paragraph (19)), but does not include a person in the same group as the authorised payment institution; “authorised custodian” means a person authorised for the purposes of the 2000 Act to safeguard and administer investments ...; “default arrangements” has the meaning given in regulation 2(1) of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (interpretation); “insolvency event” means any of the following procedures in relation to an authorised payment institution or small payment institution— the making of a winding-up order; the passing of a resolution for voluntary winding-up; the entry of the institution into administration; the appointment of a receiver or manager of the institution's property; the approval of a proposed voluntary arrangement (being a composition in satisfaction of debts or a scheme of arrangement); the making of a bankruptcy order; in Scotland, the award of sequestration; the making of any deed of arrangement for the benefit of creditors or, in Scotland, the execution of a trust deed for creditors; the conclusion of any composition contract with creditors; ... the making of an insolvency administration order or, in Scotland, sequestration, in respect of the estate of a deceased person; the entry of the institution into payment institution special administration; or; the entry of the institution into investment bank special administration. “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; “investment bank special administration” has the same meaning as in the Investment Bank Special Administration Regulations 2011 (see regulation 3(1) of those Regulations); “payment institution special administration” has the same meaning as in the Payment and Electronic Money Institution Insolvency Regulations 2021 (see regulation 4(3)); “rules” has the meaning given in regulation 2(1) of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (interpretation); “security right” means— security for a debt owed by an authorised payment institution or a small payment 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; “settlement” and “system” have the same meanings as in the Financial Markets and Insolvency (Settlement Finality) Regulations 1999.

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