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17(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”.
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