On 22 October 2021, the Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021 (the Rules) was published on the legislation.gov.uk website.

The Rules are being introduced under section 411(1A) (a), (2), (2C) and (3) of the Insolvency Act 1986 (as applied and modified by regulation 37 of the Regulations). It follows the introduction of the Regulations which were made on 17 June 2021 under sections 233 and 234 of the Banking Act 2009 (as applied and modified by regulation 24A of, and paragraphs 2 and 3 of Schedule 2ZA to, the Electronic Money Regulations 2011 and regulation 23A of, and paragraphs 2 and 3 of Schedule 3A to, the Payment Services Regulations 2017).

These Rules set out the procedure for the Payment and Electronic Money Institution Special Administration process established in the Regulations. An explanatory memorandum has been prepared by the HM Treasury which provides a detailed summary about what is being done and why.

The Rules will come into force on 12 November 2021.