SCHEDULES

SCHEDULE 14Amendments of Part 24 of FSMA 2000: insolvency

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(1)

Section 372 (bankruptcy petitions) is amended as follows.

(2)

In subsection (1), for “Authority” substitute “ FCA ”.

(3)

After that subsection insert—

“(1A)

The PRA may present a petition to the court—

(a)

under section 264 of the 1986 Act (or Article 238 of the 1989 Order) for a bankruptcy order to be made against an individual who is a PRA-regulated person;

(b)

under section 5 of the 1985 Act for the sequestration of the estate of an individual who is a PRA-regulated person.”

(4)

In subsection (2), for “such a petition may be presented” substitute “ a petition may be presented by virtue of subsection (1) or (1A) ”.

(5)

In subsection (4)(a)—

(a)

for “the Authority”, in the first place, substitute “ a regulator ”, and

(b)

for “the Authority”, in the second place, substitute “ that regulator ”.

(6)

In subsection (6)—

(a)

after “(1)(b)” insert “ or (1A)(b) ”, and

(b)

in paragraph (a), for “the Authority” substitute “ the regulator by which the petition is presented ”.