(1)This section applies if a person F2... presents 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;
(b)under section 5 of the 1985 Act for the sequestration of the estate of an individual; or
(c)under section 6 of the 1985 Act for the sequestration of the estate belonging to or held for or jointly by the members of an entity mentioned in subsection (1) of that section.
(2)The [F3appropriate regulator] is entitled to be heard—
(a)at the hearing of the petition; and
(b)at any other hearing in relation to the individual or entity under—
(i)Part IX of the 1986 Act;
(ii)Part IX of the 1989 Order; or
(iii)the 1985 Act.
(3)A copy of the report prepared under section 274 of the 1986 Act (or Article 248 of the 1989 Order) must also be sent to the [F3appropriate regulator].
(4)A person appointed for the purpose by the [F3appropriate regulator] is entitled—
(a)to attend any meeting of creditors of the individual or entity;
(b)to attend any meeting of a committee established under section 301 of the 1986 Act (or Article 274 of the 1989 Order);
(c)to attend any meeting of commissioners held under paragraph 17 or 18 of Schedule 6 to the 1985 Act; and
(d)to make representations as to any matter for decision at such a meeting.
(5)“Individual” means an individual who—
(a)is, or has been, an authorised person; or
(b)is carrying on, or has carried on, a regulated activity in contravention of the general prohibition.
(6)“Entity” means an entity which—
(a)is, or has been, an authorised person; or
(b)is carrying on, or has carried on, a regulated activity in contravention of the general prohibition.
[F4(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.]
Textual Amendments
F1Words in s. 374 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 22(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2Words in s. 374(1) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 22(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3Words in s. 374(2)-(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 22(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4S. 374(7)(8) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 22(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.