SCHEDULE 14Amendments of Part 24 of FSMA 2000: insolvency
22
(1)
Section 374 (Authority's powers to participate in proceedings: bankruptcy) is amended as follows.
(2)
In subsection (1), omit “other than the Authority”.
(3)
In subsections (2) to (4), for “Authority” substitute “
appropriate regulator
”
.
(4)
“(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
”
.