Financial Services Act 2012

This section has no associated Explanatory Notes

19(1)Section 371 (power to participate in proceedings: winding up by the court) is amended as follows.U.K.

(2)In subsection (1)—

(a)omit “other than the Authority”, and

(b)in paragraph (a), after “authorised person” insert “ or recognised investment exchange ”.

(3)In subsections (2) to (5), for “Authority” substitute “ appropriate regulator ”.

(4)After subsection (5) insert—

(6)The appropriate regulator” means—

(a)for the purposes of subsections (2), (3) and (5)—

(i)where the body is a PRA-regulated person, each of the FCA and the PRA, and

(ii)in any other case, the FCA;

(b)for the purposes of subsection (4)—

(i)where the body is a PRA-regulated person, the FCA or the PRA, and

(ii)in any other case, the FCA.

(7)But where the petition was presented by a regulator “the appropriate regulator” does not include the regulator which presented the petition.

(5)In the heading, for “Authority's powers” substitute “ Powers of FCA and PRA ”.

Commencement Information

I1Sch. 14 para. 19 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.