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22(1)Section 374 (Authority's powers to participate in proceedings: bankruptcy) is amended as follows.U.K.
(2)In subsection (1), omit “other than the Authority”.
(3)In subsections (2) to (4), for “Authority” substitute “ appropriate regulator ”.
(4)After subsection (6) insert—
“(7)The appropriate regulator” means—
(a)for the purposes of subsections (2) and (3)—
(i)where the individual or entity 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 individual or entity is a PRA-regulated person, the FCA or the PRA, and
(ii)in any other case, the FCA.
(8)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 or PRA ”.
Commencement Information
I1Sch. 14 para. 22 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.