[379A Power to apply settlement finality regime to payment institutions]
[379A Power to apply settlement finality regime to payment institutions]

[(1)     The Treasury may by regulations made by statutory instrument provide for the application to payment institutions, as participants in payment or securities settlement systems, of provision in subordinate legislation—

(a)     modifying the law of insolvency or related law in relation to such systems, or

(b)     relating to the securing of rights and obligations.

(2)     “Payment institution” means—

(a)     an authorised payment institution or small payment institution within the meaning of the Payment Services Regulations [2017], or

(b)     a person whose head office, registered office or place of residence, as the case may be, is outside the United Kingdom and whose functions correspond to those of an institution within paragraph (a).