Part XXIVU.K. Insolvency

355APowers of FCA and PRA to participate in proceedingsU.K.

(1)This section applies where Part 26A of the Companies Act 2006 (“the 2006 Act”) (arrangements and reconstructions: companies in financial difficulty) applies in relation to a company which—

(a)is, or has been, an authorised person or recognised investment exchange;

(b)is, or has been, any of the following—

(i)an electronic money institution;

(ii)an authorised payment institution;

(iii)a small payment institution;

(iv)a registered account information service provider;

(c)is, or has been, an appointed representative; or

(d)is carrying on, or has carried on, a regulated activity in contravention of the general prohibition.

(2)A relevant applicant must give notice to the appropriate regulator of—

(a)any application which the relevant applicant intends to make under section 901C(1) of the 2006 Act, and

(b)any application which the relevant applicant believes a creditor or member of the company has made, or intends to make, under section 901C(1) of that Act in relation to the company.

(3)A relevant applicant may not make an application under section 901C(1) of the 2006 Act in relation to a company that is a PRA-regulated person without the consent of the PRA.

(4)In this section “relevant applicant”, in relation to a company, means—

(a)the company;

(b)if the company is being wound up, the liquidator;

(c)if the company is in administration, the administrator.

(5)The appropriate regulator is entitled to be heard at any hearing of an application made under section 901C or 901F of the 2006 Act in relation to the company.

(6)Any notice or other document required to be sent to a creditor of the company must also be sent to the appropriate regulator.

(7)A person appointed for the purpose by the appropriate regulator is entitled—

(a)to attend any meeting of creditors of the company summoned under section 901C of the 2006 Act;

(b)to make representations as to any matter for decision at such a meeting.

(8)In this section—

355BEnforcement of requirements imposed by section 355AU.K.

(1)For the purpose of enforcing a requirement imposed on a company by section 355A(2) or (3), the appropriate regulator may exercise any of the following powers (so far as it would not otherwise be exercisable)—

(a)the power to publish a statement under section 205 (public censure);

(b)the power to impose a financial penalty under section 206.

(2)Accordingly, sections 205 and 206, and so much of this Act as relates to either of those sections, have effect in relation to a requirement imposed by section 355A(2) or (3) as if—

(a)any reference to an authorised person included (so far as would not otherwise be the case) a reference to a company falling within any of paragraphs (a) to (d) of section 355A(1),

(b)any reference to a relevant requirement included (so far as would not otherwise be the case) a reference to a requirement imposed by section 355A(2) or (3), and

(c)“the appropriate regulator” had the same meaning as in section 355A.

(3)In this section “the appropriate regulator” has the same meaning as in section 355A.]