SCHEDULE 14 Amendments of Part 24 of FSMA 2000: Insolvency
Financial Services Act 2012 (2012 c 21) | Legislation

SCHEDULE 14 Amendments of Part 24 of FSMA 2000: Insolvency

Section 44

1

Part 24 of FSMA 2000 is amended as follows.

2

In section 355 (interpretation of Part 24) at the end of subsection (1) insert—

““PRA-regulated person†means a person who—

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

(b)     is or has been an appointed representative 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.â€

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 regulatorâ€.

(3)     In subsection (3)—

(a)     for “the Authorityâ€, in the first place, substitute “a regulatorâ€, and

(b)     for “the Authorityâ€, in the second place, substitute “the appropriate regulatorâ€.

(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),

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