The latest restructuring and insolvency updates and analysis from Morrison Foerster
June 28, 2021 - UK Updates and Analysis

New UK Insolvency Regime for Payment and Electronic Money Institutions

New UK Insolvency Regime for Payment and Electronic Money Institutions

On 8 July 2021, the Payment and Electronic Money Institution Insolvency Regulations 2021 (the Regulations) will come into force in the UK and introduce a new special administration regime for insolvent payment institutions (PIs) and electronic money institutions (EMIs). The key purposes of the Regulations are to ensure that, if a PI or EMI becomes insolvent (and/or it is fair or expedient to put the institution into special administration), funds are quickly returned to customers and any shortfalls in the amounts available are minimised.

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