SCHEDULES

SCHEDULE 18Further minor and consequential amendments

PART 2Amendments of other Acts of Parliament

Insolvency Act 1986 (c. 45)

I151

The Insolvency Act 1986 is amended as follows.

I252

1

Section 4A (approval of proposed voluntary arrangement) is amended as follows.

2

In subsection (5), for “Financial Services Authority” substitute “ appropriate regulator ”.

3

After that subsection insert—

5A

The appropriate regulator” means—

a

where the regulated company is a PRA-regulated company within the meaning of paragraph 44 of Schedule A1, the Financial Conduct Authority and the Prudential Regulation Authority, and

b

in any other case, the Financial Conduct Authority.

I353

In section 422 (order relating to formerly authorised banks), in subsection (1)—

a

for “Financial Services Authority” substitute “ Financial Conduct Authority and the Prudential Regulation Authority ”, and

b

in paragraph (b), for “Part IV” substitute “ Part 4A ”.

I454

1

Paragraph 44 of Schedule A1 (moratorium where directors propose voluntary arrangement; modifications relating to regulated companies) is amended as follows.

2

In sub-paragraphs (2) to (4), for “Authority” substitute “ appropriate regulator ”.

3

In sub-paragraph (5)—

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

In sub-paragraph (6), for “Authority” substitute “ appropriate regulator ”.

5

In sub-paragraph (7)—

a

for “the Authority”, in the first place, substitute “ a regulator ”, and

b

for “the Authority”, in the second place, substitute “ the appropriate regulator ”.

6

In sub-paragraphs (8) to (11), for “Authority” substitute “ appropriate regulator ”.

7

In sub-paragraph (12)—

a

for “the Authority”, in the first place, substitute “ a regulator ”, and

b

for “the Authority”, in the second place, substitute “ the appropriate regulator ”.

8

In sub-paragraph (13), for “Authority” substitute “ appropriate regulator ”.

9

In sub-paragraph (14)—

a

for “the Authority”, in the first place, substitute “ a regulator ”, and

b

for “the Authority”, in the second place, substitute “ the appropriate regulator ”.

10

In sub-paragraph (15), for “Authority” substitute “ appropriate regulator ”.

11

In sub-paragraph (16)—

a

for “the Authority”, in the first place, substitute “ a regulator ”, and

b

for “the Authority”, in the second place, substitute “ the appropriate regulator ”.

12

After sub-paragraph (16) insert—

16A

If either regulator makes an application to the court under any of the provisions mentioned in sub-paragraphs (5), (7), (12), (14) or (16) in relation to a PRA-regulated company, the other regulator is entitled to be heard on the application.

13

In sub-paragraph (17), for “Authority” substitute “ appropriate regulator ”.

14

After sub-paragraph (17) insert—

17A

The appropriate regulator” means—

a

for the purposes of sub-paragraphs (2) to (8) and (10) to (17)—

i

where the regulated company is a PRA-regulated company, each of the Financial Conduct Authority and the Prudential Regulation Authority, and

ii

in any other case, the Financial Conduct Authority;

b

for the purposes of sub-paragraph (9)—

i

where the regulated company is a PRA-regulated company, the Financial Conduct Authority or the Prudential Regulation Authority, and

ii

in any other case, the Financial Conduct Authority.

15

In sub-paragraph (18)—

a

for the definition of “the Authority” and the “and” following it substitute—

“PRA-authorised person” has the meaning given by section 2B(5) of the Financial Services and Markets Act 2000;

“PRA-regulated activity” has the meaning given by section 22A of the Financial Services and Markets Act 2000;

“PRA-regulated company” means a regulated company which—

a

is, or has been, a PRA-authorised person,

b

is, or has been, an appointed representative within the meaning given by section 39 of the the Financial Services and Markets Act 2000, whose principal (or one of whose principals) is, or was, a PRA-authorised person, or

c

is carrying on, or has carried on, a PRA-regulated activity in contravention of the general prohibition;

b

after the definition of “regulated company” insert—

“regulator” means the Financial Conduct Authority or the Prudential Regulation Authority.

16

In the italic heading, for “Financial Services Authority” substitute “ Financial Conduct Authority and Prudential Regulation Authority ”.

I555

1

Schedule B1 (administration) is amended as follows.

2

In paragraph 40 (dismissal of pending winding-up petition), in sub-paragraph (2)(b), for “Financial Services Authority” substitute “ Financial Conduct Authority or Prudential Regulation Authority ”.

3

In paragraph 42 (moratorium on insolvency proceedings), in sub-paragraph (4)(b), for “Financial Services Authority” substitute “ Financial Conduct Authority or Prudential Regulation Authority ”.

4

In paragraph 82 (public interest winding-up), in sub-paragraph (1)(b), for “Financial Services Authority” substitute “ Financial Conduct Authority or Prudential Regulation Authority ”.