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
”
.