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20(1)Section 372 (bankruptcy petitions) is amended as follows.U.K.
(2)In subsection (1), for “Authority” substitute “ FCA ”.
(3)After that subsection insert—
“(1A)The PRA may present a petition to the court—
(a)under section 264 of the 1986 Act (or Article 238 of the 1989 Order) for a bankruptcy order to be made against an individual who is a PRA-regulated person;
(b)under section 5 of the 1985 Act for the sequestration of the estate of an individual who is a PRA-regulated person.”
(4)In subsection (2), for “such a petition may be presented” substitute “ a petition may be presented by virtue of subsection (1) or (1A) ”.
(5)In subsection (4)(a)—
(a)for “the Authority”, in the first place, substitute “ a regulator ”, and
(b)for “the Authority”, in the second place, substitute “ that regulator ”.
(6)In subsection (6)—
(a)after “(1)(b)” insert “ or (1A)(b) ”, and
(b)in paragraph (a), for “the Authority” substitute “ the regulator by which the petition is presented ”.
Commencement Information
I1Sch. 14 para. 20 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.