13.—(1) Section 20(1) (cancellation or suspension of registration and petition for winding up) is amended as follows.
(2) For subsections (1A) and (1B), substitute—
“(1A) The FCA may also exercise the power to cancel the registration of a credit union under section 16 of the 1965 Act if the credit union’s permission under Part 4A of the 2000 Act has been cancelled or if the credit union has received a warning notice under section 55Z of the 2000 Act.
(1B) The FCA must not cancel the registration of a credit union under section 16 of the 1965 Act by virtue of subsection (1A) unless the appropriate regulator (within the meaning of section 55A of the 2000 Act) has cancelled the credit union’s permission under Part 4A of the 2000 Act and there is no possibility (or no further possibility) of that determination of the appropriate regulator being reversed or varied.”.
(3) In subsection (1D), for “Authority”, in each place, substitute “FCA”.
(4) After subsection (1D), insert—
“(1E) If the credit union is a PRA-authorised person, the FCA must consult the PRA before cancelling the registration of the credit union by virtue of subsection (1A).”.
(5) In subsection (2), for “Authority”, in each place, substitute “FCA or the PRA”.
(6) After subsection (2), insert—
“(3) The FCA and the PRA must each consult the other before presenting a petition under subsection (2).”.
Section 20 was amended by S.I. 2001/2617, S.I. 2002/1501 and S.I. 2011/2687.