SCHEDULES

SCHEDULE 14Amendments of Part 24 of FSMA 2000: insolvency

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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 ”.