SCHEDULES

SCHEDULE 14Amendments of Part 24 of FSMA 2000: insolvency

I121

1

Section 373 (insolvency practitioner's duty to report to Authority) is amended as follows.

2

In subsection (1)—

a

in paragraph (a), omit the words from “by virtue of” to “Authority”,

b

in paragraph (b), for the words from “carried on” to the end substitute

carried on—

i

a regulated activity in contravention of the general prohibition, or

ii

a credit-related regulated activity in contravention of section 20,

c

for “to the Authority without delay” substitute “ without delay to the FCA and, if the regulated activity concerned is a PRA-regulated activity, to the PRA ”.

3

After that subsection insert—

1A

Subsection (1) does not apply where—

a

the bankruptcy order or sequestration award is in force by virtue of a petition presented by a regulator, and

b

the regulator's petition depended on a contravention by the individual of the general prohibition.

4

In the heading, for “to Authority” substitute “ to FCA and PRA ”.