[F2361Administrator’s duty to report to [F1FCA and PRA] U.K.
(1)This section applies where a company or partnership is—
(a)in administration within the meaning of Schedule B1 to the 1986 Act, or
[F3(b)in administration within the meaning of Schedule B1 to the 1989 Order.]
[F4(2)If the administrator thinks that the company or partnership is carrying on, or has carried on—
(a)a regulated activity in contravention of the general prohibition, or
(b)a credit-related regulated activity in contravention of section 20,
the administrator must report the matter to the appropriate regulator without delay.]
[F5(2A)"The appropriate regulator” means—
(a)where the regulated activity is a PRA-regulated activity, the FCA and the PRA;
(b)in any other case, the FCA.]
[F6(3)Subsection (2) does not apply where—
(a)the administration arises out of an administration order made on an application made or petition presented by a regulator, and
(b)the regulator's application or petition depended on a contravention by the company or partnership of the general prohibition.]]
Textual Amendments
F1Words in s. 361 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 7(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2S. 361 substituted (15.9.2003) by Enterprise Act 2002 (c. 40), ss. 248(3), 279, Sch. 17 para. 56 (with s. 249(1)-(3)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 1(3)-(5), 3-8 (as amended by S.I. 2003/2332, art. 2)
F3S. 361(1)(b) substituted (N.I.) (27.3.2006) by The Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(3), Sch. 2 para. 59; S.R. 2006/21, art. 2 (subject to S.R. 2006/22, arts. 2-7)
F4S. 361(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 7(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F5S. 361(2A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 7(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F6S. 361(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 7(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Modifications etc. (not altering text)
C1Ss. 361-365 applied (with modifications) (N.I.) (13.9.2004) by Limited Liability Partnerships Regulations (Northern Ireland) 2004 (S.R. 2004/307), reg. 6
C2S. 361 modified (21.2.2009) by The Banking Act 2009 (Parts 2 and 3 Consequential Amendments) Order 2009 (S.I. 2009/317), art. 5(1)(4)
C3S. 361 applied (with modifications) (E.W.S.) (6.4.2014) by The Industrial and Provident Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014 (S.I. 2014/229), arts. 1, 8 (with art. 10)