SCHEDULES
SCHEDULE 14Amendments of Part 24 of FSMA 2000: insolvency
I117
1
Section 369A (reclaim funds: service of petition etc. on Authority) is amended as follows.
2
In subsection (1)—
a
for “other than the Authority” substitute “
other than a regulator
”
, and
b
for “on the Authority” substitute “
on the appropriate regulator
”
.
3
In subsection (2)—
a
for “other than the Authority” substitute “
other than a regulator
”
, and
b
for “on the Authority” substitute “
on the appropriate regulator
”
.
4
After subsection (3) insert—
4
The appropriate regulator” means—
a
in relation to an authorised reclaim fund that is a PRA-authorised person, the FCA and the PRA, and
b
in relation to any other authorised reclaim fund, the FCA.
5
If either regulator—
a
presents a petition for the winding up of an authorised reclaim fund that is a PRA-authorised person, or
b
applies to have a provisional liquidator appointed under section 135 of the 1986 Act (or Article 115 of the 1989 Order) in respect of an authorised reclaim fund that is a PRA-authorised person,
that regulator must serve a copy of the petition or application (as the case requires) on the other regulator.
5
In the heading, for “Authority” substitute “
FCA and PRA
”
.