SCHEDULES

SCHEDULE 14Amendments of Part 24 of FSMA 2000: insolvency

I119

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 ”.