SCHEDULES
SCHEDULE 14Amendments of Part 24 of FSMA 2000: insolvency
4
1
Section 357 (powers to participate in proceedings: individual voluntary arrangements) is amended as follows.
2
In subsections (1) to (5), for “Authority” substitute “appropriate regulator”.
3
In subsection (6)—
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 (6) insert—
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The appropriate regulator” means—
a
in the case of a PRA-authorised person—
i
for the purposes of subsections (1) and (4) to (6), each of the FCA and the PRA, and
ii
for the purposes of subsection (3), the FCA or the PRA;
b
in any other case, the FCA.
8
If either regulator makes an application to the court under any of the provisions mentioned in subsection (5) 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”.