SCHEDULES

C2C1F1SCHEDULE A1 Moratorium where directors propose voluntary arrangement

Annotations:
Amendments (Textual)
F1

Sch. A1 inserted (11.5.2001 so far as is necessary to give effect to Sch. A1 paras. 5, 45(1)-(3)(5) and 1.1.2003 in so far as not already in force) by 2000 c. 39, s. 1, Sch. 1 para. 4; S.I. 2001/1751, art. 2; S.I. 2002/2711, art. 2 (subject to transitional provisions in arts. 3-5)

Modifications etc. (not altering text)
C2

Sch. A1 applied (with modifications) (E.W.) (1.1.2003) by S.I. 1994/2421, art. 4(1), Sch. 1 (as amended (1.1.2003) by S.I. 2002/2708, arts. 4-6 (with transitional provisions in art. 11) and (1.7.2005) by S.I. 2005/1516, art. 6)

Part VI Miscellaneous

Functions of the F4Financial Conduct Authority and Prudential Regulation Authority

Annotations:
Amendments (Textual)
F4

Words in Sch. A1 para. 44 cross-heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 54(16) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F244

1

This Schedule has effect in relation to a moratorium for a regulated company with the modifications in sub-paragraphs (2) to (16) below.

2

Any notice or other document required by virtue of this Schedule to be sent to a creditor of a regulated company must also be sent to the F6appropriate regulator.

3

The F6appropriate regulator is entitled to be heard on any application to the court for leave under paragraph 20(2) or 20(3) (disposal of charged property, etc.).

4

Where paragraph 26(1) (challenge of nominee’s actions, etc.) applies, the persons who may apply to the court include the F6appropriate regulator.

5

If a person other than F9a regulator applies to the court under that paragraph, F8the appropriate regulator is entitled to be heard on the application.

6

Where paragraph 27(1) (challenge of nominee’s actions, etc.) applies, the persons who may apply to the court include the F18appropriate regulator.

7

If a person other than F11a regulator applies to the court under that paragraph, F14the appropriate regulator is entitled to be heard on the application.

8

The persons to be summoned to a creditors’ meeting under paragraph 29 include the F12appropriate regulator.

9

A person appointed for the purpose by the F12appropriate regulator is entitled to attend and participate in (but not to vote at)—

a

any creditors’ meeting summoned under that paragraph,

b

any meeting of a committee established under paragraph 35 (moratorium committee).

10

The F12appropriate regulator is entitled to be heard on any application under paragraph 36(3) (effectiveness of decisions).

11

Where paragraph 38(1) (challenge of decisions) applies, the persons who may apply to the court include the F12appropriate regulator.

12

If a person other than F22a regulator applies to the court under that paragraph, F15the appropriate regulator is entitled to be heard on the application.

13

Where paragraph 39(3) (implementation of voluntary arrangement) applies, the persons who may apply to the court include the F19appropriate regulator.

14

If a person other than F17a regulator applies to the court under that paragraph, F10the appropriate regulator is entitled to be heard on the application.

15

Where paragraph 40(2) (challenge of directors’ actions) applies, the persons who may apply to the court include the F23appropriate regulator.

16

If a person other than F16a regulator applies to the court under that paragraph, F20the appropriate regulator is entitled to be heard on the application.

F516A

If either regulator makes an application to the court under any of the provisions mentioned in sub-paragraphs (5), (7), (12), (14) or (16) in relation to a PRA-regulated company, the other regulator is entitled to be heard on the application.

17

This paragraph does not prejudice any right the F21appropriate regulator has (apart from this paragraph) as a creditor of a regulated company.

F717A

The appropriate regulator” means—

a

for the purposes of sub-paragraphs (2) to (8) and (10) to (17)—

i

where the regulated company is a PRA-regulated company, each of the Financial Conduct Authority and the Prudential Regulation Authority, and

ii

in any other case, the Financial Conduct Authority;

b

for the purposes of sub-paragraph (9)—

i

where the regulated company is a PRA-regulated company, the Financial Conduct Authority or the Prudential Regulation Authority, and

ii

in any other case, the Financial Conduct Authority.

18

In this paragraph—

  • F13“PRA-authorised person” has the meaning given by section 2B(5) of 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 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;

  • “regulated company” means a company which—

    1. a

      is, or has been, an authorised person within the meaning given by section 31 of the M1Financial Services and Markets Act 2000,

    2. b

      is, or has been, an appointed representative within the meaning given by section 39 of that Act, or

    3. c

      is carrying on, or has carried on, a regulated activity, within the meaning given by section 22 of that Act, in contravention of the general prohibition within the meaning given by section 19 of that Act.

  • F3“regulator” means the Financial Conduct Authority or the Prudential Regulation Authority.