The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013

The Insolvency (Northern Ireland) Order 1989

7.  In the Insolvency (Northern Ireland) Order 1989(1)—

(a) in article 17A(5) (approval of arrangement)(2), for “Financial Services Authority” substitute “Financial Conduct Authority and, where the regulated company is a PRA-authorised person (within the meaning of the Financial Services and Markets Act 2000), the Prudential Regulation Authority”;

(b) in article 366 (formerly authorised banks)(3), for “Financial Services Authority” substitute “Financial Conduct Authority and the Prudential Regulation Authority”;

(c) in paragraph 54 of Schedule A1 (functions of the Financial Services Authority)(4)—

(i) in the heading, for “the Financial Services Authority” substitute “the Financial Conduct Authority and the Prudential Regulation Authority”;

(ii) in each of sub-paragraphs (2), (3), (4), (6), (8), (10), (11), (13) and (15), for “Authority” substitute “Financial Conduct Authority and, if the regulated company is a PRA-regulated company, the Prudential Regulation Authority”;

(iii) in each of sub-paragraphs (9) and (17), for “Authority” substitute “Financial Conduct Authority or, if the regulated company is a PRA-regulated company, the Prudential Regulation Authority”;

(iv) in each of sub-paragraphs (5), (7), (12), (14) and (16)—

(aa) for “Financial Services Authority” in the first place those words appear substitute “Financial Conduct Authority or, if the regulated company is a PRA-regulated company, the Prudential Regulation Authority”;

(bb) for “Financial Services Authority” in the second place those words appear, substitute “Financial Conduct Authority and, if the regulated company is a PRA-regulated company, the Prudential Regulation Authority”;

(v) in sub-paragraph (18)—

(aa) for the definition of “the Authority” and the “and” following it substitute—

““PRA-authorised” person has the meaning given by the Financial Services and Markets Act 2000;

“PRA-regulated activity” has the meaning given by the Financial Services and Markets Act 2000;

“PRA-regulated company” means a regulated company which—

(a)

is, or has been, a PRA-authorised person,

(b)

is, or has been, an appointed representative within the meaning given by section 39 of the Financial Services and Markets Act 2000, whose principal (or one of whose principals) is, or was, a PRA-authorised person, or

(c)

is carrying on, or has carried on, a PRA-regulated activity in contravention of the general prohibition within the meaning of section 19 of that Act;”;

(bb) after the definition of “regulated company” insert—

““regulator” means the Financial Conduct Authority or the Prudential Regulation Authority.”;

(cc) after sub-paragraph (18) insert—

“(19) If either regulator makes an application to the court under any of the provisions mentioned in this article in relation to a PRA-regulated company, the other regulator is entitled to be heard on the application.”;

(d) in paragraphs 41(2)(c), 43(4)(c) and 83(1)(c) of Schedule B1 (administration)(5) for “Financial Services Authority” in each place it appears substitute “Financial Conduct Authority or the Prudential Regulation Authority”.

(1)

S.I. 1989/2405 (NI 19).

(2)

Inserted by S.I. 2002/3152 (N.I. 6).

(3)

Substituted by S.I. 2005/1455 (N.I. 10).

(4)

Inserted by S.I. 2002/3152 (N.I. 6).

(5)

Inserted by S.I. 2005/1455 (N.I. 10).