SCHEDULE 2Amendments of subordinate legislation

The Insolvency (Northern Ireland) Order 19897

In the Insolvency (Northern Ireland) Order 198937—

a

in article 17A(5) (approval of arrangement)38, for “Financial Services Authority” substitute “Financial Conduct Authority and, where the regulated company is a PRA-authorised person (within the meaning of the Financial Services and Markets Act 2000), the Prudential Regulation Authority”;

b

in article 366 (formerly authorised banks)39, for “Financial Services Authority” substitute “Financial Conduct Authority and the Prudential Regulation Authority”;

c

in paragraph 54 of Schedule A1 (functions of the Financial Services Authority)40—

i

in the heading, for “the Financial Services Authority” substitute “the Financial Conduct Authority and the Prudential Regulation Authority”;

ii

in each of sub-paragraphs (2), (3), (4), (6), (8), (10), (11), (13) and (15), for “Authority” substitute “Financial Conduct Authority and, if the regulated company is a PRA-regulated company, the Prudential Regulation Authority”;

iii

in each of sub-paragraphs (9) and (17), for “Authority” substitute “Financial Conduct Authority or, if the regulated company is a PRA-regulated company, the Prudential Regulation Authority”;

iv

in each of sub-paragraphs (5), (7), (12), (14) and (16)—

aa

for “Financial Services Authority” in the first place those words appear substitute “Financial Conduct Authority or, if the regulated company is a PRA-regulated company, the Prudential Regulation Authority”;

bb

for “Financial Services Authority” in the second place those words appear, substitute “Financial Conduct Authority and, if the regulated company is a PRA-regulated company, the Prudential Regulation Authority”;

v

in sub-paragraph (18)—

aa

for the definition of “the Authority” and the “and” following it substitute—

  • “PRA-authorised” person has the meaning given by the Financial Services and Markets Act 2000;

  • “PRA-regulated activity” has the meaning given by the Financial Services and Markets Act 2000;

  • “PRA-regulated company” means a regulated company which—

    1. a

      is, or has been, a PRA-authorised person,

    2. b

      is, or has been, an appointed representative within the meaning given by section 39 of the Financial Services and Markets Act 2000, whose principal (or one of whose principals) is, or was, a PRA-authorised person, or

    3. c

      is carrying on, or has carried on, a PRA-regulated activity in contravention of the general prohibition within the meaning of section 19 of that Act;

bb

after the definition of “regulated company” insert—

  • “regulator” means the Financial Conduct Authority or the Prudential Regulation Authority.

cc

after sub-paragraph (18) insert—

19

If either regulator makes an application to the court under any of the provisions mentioned in this article in relation to a PRA-regulated company, the other regulator is entitled to be heard on the application.

d

in paragraphs 41(2)(c), 43(4)(c) and 83(1)(c) of Schedule B1 (administration)41 for “Financial Services Authority” in each place it appears substitute “Financial Conduct Authority or the Prudential Regulation Authority”.