7(1)Section 361 (administrator's duty to report) is amended as follows.U.K.
(2)For subsection (2) substitute—
“(2)If the administrator thinks that the company or partnership is carrying on, or has carried on—
(a)a regulated activity in contravention of the general prohibition, or
(b)a credit-related regulated activity in contravention of section 20,
the administrator must report the matter to the appropriate regulator without delay.”
(3)After subsection (2) insert—
“(2A)The appropriate regulator” means—
(a)where the regulated activity is a PRA-regulated activity, the FCA and the PRA;
(b)in any other case, the FCA.”
(4)For subsection (3) substitute—
“(3)Subsection (2) does not apply where—
(a)the administration arises out of an administration order made on an application made or petition presented by a regulator, and
(b)the regulator's application or petition depended on a contravention by the company or partnership of the general prohibition.”
(5)In the heading, for “Authority” substitute “ FCA and PRA ”.
Commencement Information
I1Sch. 14 para. 7 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.