20(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”.