SCHEDULES
SCHEDULE 14Amendments of Part 24 of FSMA 2000: insolvency
20
1
Section 372 (bankruptcy petitions) is amended as follows.
2
In subsection (1), for “Authority” substitute “FCA”.
3
After that subsection insert—
1A
The PRA may present a petition to the court—
a
under section 264 of the 1986 Act (or Article 238 of the 1989 Order) for a bankruptcy order to be made against an individual who is a PRA-regulated person;
b
under section 5 of the 1985 Act for the sequestration of the estate of an individual who is a PRA-regulated person.
4
In subsection (2), for “such a petition may be presented” substitute “a petition may be presented by virtue of subsection (1) or (1A)”.
5
In subsection (4)(a)—
a
for “the Authority”, in the first place, substitute “a regulator”, and
b
for “the Authority”, in the second place, substitute “that regulator”.
6
In subsection (6)—
a
after “(1)(b)” insert “or (1A)(b)”, and
b
in paragraph (a), for “the Authority” substitute “the regulator by which the petition is presented”.