SCHEDULES
SCHEDULE 14

Amendments of Part 24 of FSMA 2000: insolvency
3
1
Section 356 (powers to participate in proceedings: company voluntary arrangements) is amended as follows.
2
In subsections (1) and (2), for “the Authority” substitute “or recognised investment exchange, the appropriate regulator”.
3
In subsection (3)—
a
for “the Authority”, in the first place, substitute “a regulator”, and
b
for “the Authority”, in the second place, substitute “the appropriate regulator”.
4
After subsection (3) insert—
4
The appropriate regulator” means—
a
in the case of a PRA-authorised person—
i
for the purposes of subsections (1) and (2), the FCA or the PRA, and
ii
for the purposes of subsection (3), each of the FCA and the PRA;
b
in any other case, the FCA.
5
If either regulator makes an application to the court under any of those provisions in relation to a PRA-authorised person, the other regulator is entitled to be heard at any hearing relating to the application.
5
In the heading, for “Authority's powers” substitute “Powers of FCA and PRA”.