New UK Insolvency Regime For Payment Institutions and Electronic Money Institutions
By EsqSocial Corporation 12/05/21
EXECUTIVE SUMMARY - On 26 April 2021, draft Payment and Electronic Money Institution Insolvency Regulations (Regulations) were brought before the UK Parliament for approval. They will 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 in the event of an institution’s insolvency (i) funds are returned to customers quickly and (ii) shortfalls in the amounts returned...
By: K&L Gates LLP