For section 370 substitute—

“370Liquidator's duty to report to FCA and PRA

(1)

If—

(a)

a company is being wound up voluntarily or a body is being wound up on a petition presented by any person, and

(b)

it appears to the liquidator that the company or body is carrying on, or has carried on—

(i)

a regulated activity in contravention of the general prohibition, or

(ii)

a credit-related regulated activity in contravention of section 20,

the liquidator must report the matter without delay to the FCA and, if the regulated activity concerned is a PRA-regulated activity, to the PRA.

(2)

Subsection (1) does not apply where—

(a)

a body is being wound up on a petition presented by a regulator, and

(b)

the regulator's petition depended on a contravention by the body of the general prohibition.”