This section has no associated Explanatory Notes
12(1)Section 365 (powers to participate in proceedings: voluntary winding up) is amended as follows.
(2)In subsection (1)(b), after “authorised person” insert “or recognised investment exchange”.
(3)In subsections (2) to (7), for “Authority” substitute “appropriate regulator”.
(4)After subsection (7) insert—
“(8)The appropriate regulator” means—
(a)for the purposes of subsections (2) to (4), (6) and (7)—
(i)where the company is a PRA-authorised person, each of the FCA and the PRA, and
(ii)in any other case, the FCA;
(b)for the purposes of subsection (5)—
(i)where the company is a PRA-authorised person, the FCA or the PRA, and
(ii)in any other case, the FCA.”
(5)In the heading, for “Authority's powers” substitute “Powers of FCA and PRA”.