SCHEDULES

SCHEDULE 14Amendments of Part 24 of FSMA 2000: insolvency

I122

1

Section 374 (Authority's powers to participate in proceedings: bankruptcy) is amended as follows.

2

In subsection (1), omit “other than the Authority”.

3

In subsections (2) to (4), for “Authority” substitute “ appropriate regulator ”.

4

After subsection (6) insert—

7

The appropriate regulator” means—

a

for the purposes of subsections (2) and (3)—

i

where the individual or entity is a PRA-regulated person, each of the FCA and the PRA, and

ii

in any other case, the FCA;

b

for the purposes of subsection (4)—

i

where the individual or entity is a PRA-regulated person, the FCA or the PRA, and

ii

in any other case, the FCA.

8

But where the petition was presented by a regulator “the appropriate regulator” does not include the regulator which presented the petition.

5

In the heading, for “Authority's powers” substitute “ Powers of FCA or PRA ”.