SCHEDULE 14Amendments of Part 24 of FSMA 2000: insolvency
23
(1)
Section 375 (Authority's right to apply for an order relating to debt avoidance) is amended as follows.
(2)
In subsection (1), for “Authority” substitute “
FCA
”
.
(3)
“(1A)
The PRA may apply for an order under section 423 of the 1986 Act (or Article 367 of the 1989 Order) in relation to a debtor if—
(a)
at the time the transaction at an undervalue was entered into, the debtor was carrying on a PRA-regulated activity (whether or not in contravention of the general prohibition); and
(b)
a victim of the transaction is or was party to an agreement entered into with the debtor, the making or performance of which constituted or was part of a PRA-regulated activity carried on by the debtor.”
(4)
In subsection (2), after “subsection (1)(b)” insert “
or subsection (1A)(b) (as the case may be)
”
.
(5)
In the heading, for “Authority's right” substitute “
Right of FCA and PRA
”
.