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”.