SCHEDULES

SCHEDULE 14Amendments of Part 24 of FSMA 2000: insolvency

I13

1

Section 356 (powers to participate in proceedings: company voluntary arrangements) is amended as follows.

2

In subsections (1) and (2), for “the Authority” substitute “ or recognised investment exchange, the appropriate regulator ”.

3

In subsection (3)—

a

for “the Authority”, in the first place, substitute “ a regulator ”, and

b

for “the Authority”, in the second place, substitute “ the appropriate regulator ”.

4

After subsection (3) insert—

4

The appropriate regulator” means—

a

in the case of a PRA-authorised person—

i

for the purposes of subsections (1) and (2), the FCA or the PRA, and

ii

for the purposes of subsection (3), each of the FCA and the PRA;

b

in any other case, the FCA.

5

If either regulator makes an application to the court under any of those provisions in relation to a PRA-authorised person, the other regulator is entitled to be heard at any hearing relating to the application.

5

In the heading, for “Authority's powers” substitute “ Powers of FCA and PRA ”.