SCHEDULES

SCHEDULE 14U.K.Amendments of Part 24 of FSMA 2000: insolvency

3(1)Section 356 (powers to participate in proceedings: company voluntary arrangements) is amended as follows.U.K.

(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 ”.