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
”
.