SCHEDULES
SCHEDULE 14

Amendments of Part 24 of FSMA 2000: insolvency
18
For section 370 substitute—

Liquidator's duty to report to FCA and PRA
370
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.
Sch. 14 para. 18 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.