3(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”.