SCHEDULES

SCHEDULE 14Amendments of Part 24 of FSMA 2000: insolvency

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(1)

Section 371 (power to participate in proceedings: winding up by the court) is amended as follows.

(2)

In subsection (1)—

(a)

omit “other than the Authority”, and

(b)

in paragraph (a), after “authorised person” insert “ or recognised investment exchange ”.

(3)

In subsections (2) to (5), for “Authority” substitute “ appropriate regulator ”.

(4)

After subsection (5) insert—

“(6)

The appropriate regulator” means—

(a)

for the purposes of subsections (2), (3) and (5)—

(i)

where the body 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 body is a PRA-regulated person, the FCA or the PRA, and

(ii)

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.”

(5)

In the heading, for “Authority's powers” substitute “ Powers of FCA and PRA ”.