371 [F1Powers of FCA and PRA] to participate in proceedings.U.K.
(1)This section applies if a person F2... presents a petition for the winding up of a body which—
(a)is, or has been, an authorised person [F3or recognised investment exchange];
(b)is, or has been, an appointed representative; or
(c)is carrying on, or has carried on, a regulated activity in contravention of the general prohibition.
(2)The [F4appropriate regulator] is entitled to be heard—
(a)at the hearing of the petition; and
(b)at any other hearing of the court in relation to the body under or by virtue of Part IV or V of the 1986 Act (or Part V or VI of the 1989 Order).
(3)Any notice or other document required to be sent to a creditor of the body must also be sent to the [F4appropriate regulator].
(4)A person appointed for the purpose by the [F4appropriate regulator] is entitled—
(a)to attend any meeting of creditors of the body;
(b)to attend any meeting of a committee established for the purposes of Part IV or V of the 1986 Act under section 101 of that Act or under section 141 or 142 of that Act;
(c)to attend any meeting of a committee established for the purposes of Part V or VI of the 1989 Order under Article 87 of that Order or under Article 120 of that Order; and
(d)to make representations as to any matter for decision at such a meeting.
[F5(4A)The appropriate regulator or a person appointed by the appropriate regulator is entitled to participate in (but not vote in) a qualifying decision procedure by which a decision about any matter is sought from the creditors of the body.]
(5)If, during the course of the winding up of a company, a compromise or arrangement is proposed between the company and its creditors, or any class of them, the [F4appropriate regulator] may apply to the court under [F6section 896 or 899 of the Companies Act 2006].
[F7[F8(6)“The appropriate regulator” means—
(a)where the body is a PRA-regulated person, each of the FCA and the PRA, except that the references in subsections (4) and (4A) to a person appointed by the appropriate regulator are to be read as references to a person appointed by either the FCA or the PRA;
(b)in any other case, the FCA.]
(7)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. 371 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 19(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2Words in s. 371(1) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 19(2)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3Words in s. 371(1)(a) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 19(2)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4Words in s. 371(2)-(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 19(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F5S. 371(4A) inserted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 4(6)(a) (with reg. 17)
F6Words in s. 371(5) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1), Sch. 1 para. 211(4) (with arts. 6, 11, 12)
F7S. 371(6)(7) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 19(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F8S. 371(6) substituted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 4(6)(b) (with reg. 17)
Modifications etc. (not altering text)
C1S. 371 applied (with modifications) (6.4.2001) by S.I. 2001/1090, regs. 1, 6
C2S. 371 applied (with modifications) (N.I.) (13.9.2004) by Limited Liability Partnerships Regulations (Northern Ireland) 2004 (S.R. 2004/307), reg. 6