Financial Services and Markets Act 2000

Voluntary arrangementsU.K.

356 [F1Powers of FCA and PRA] to participate in proceedings: company voluntary arrangements.U.K.

[F2(1)Where a voluntary arrangement has effect under Part I of the 1986 Act in respect of a company or insolvent partnership which is an authorised person, [F3or recognised investment exchange, the appropriate regulator] may apply to the court under section 6 or 7 of that Act.]

[F4(2)Where a voluntary arrangement has been approved under Part II of the 1989 Order in respect of a company or insolvent partnership which is an authorised person, [F5or recognised investment exchange, the appropriate regulator] may apply to the court under Article 19 or 20 of that Order.]

(3)If a person other than [F6a regulator] makes an application to the court in relation to the company or insolvent partnership under [F7any] of those provisions, [F8the appropriate regulator] is entitled to be heard at any hearing relating to the application.

[F9(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), each of the FCA and the PRA;

(b)in any other case, the FCA.

(5)If either regulator makes an application to the court under any of those provisions in relation to a PRA-authorised person, the other regulator is entitled to be heard at any hearing relating to the application.]

Textual Amendments

F1Words in s. 356 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 3(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F2S. 356(1) substituted (1.1.2003 subject to transitional provisions in arts. 3-5 of the commencing S.I.) by 2000 c. 39, s. 15(3)(a); S.I. 2002/2711, art. 2

F3Words in s. 356(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 3(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F4S. 356(2) substituted (1.1.2003 subject to transitional provisions in arts. 3-5 of the commencing S.I.) by 2000 c. 39, s. 15(3)(b); S.I. 2002/2711, art. 2

F5Words in s. 356(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 3(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F7Word in s. 356(3) substituted (1.1.2003 subject to transitional provisions in arts. 3-5 of the commencing S.I.) by 2000 c. 39, s. 15(3)(c); S.I. 2002/2711, art. 2

Modifications etc. (not altering text)

C1S. 356 applied (with modifications) (6.4.2001) by S.I. 2001/1090, regs. 1, 6

C2S. 356 applied (with modifications) (N.I.) (13.9.2004) by Limited Liability Partnerships Regulations (Northern Ireland) 2004 (S.R. 2004/307), reg. 6

357 [F10Powers of FCA and PRA] to participate in proceedings: individual voluntary arrangements.U.K.

(1)The [F11appropriate regulator] is entitled to be heard on an application by an individual who is an authorised person under section 253 of the 1986 Act (or Article 227 of the 1989 Order).

(2)Subsections (3) to (6) apply if such an order is made on the application of such a person.

(3)A person appointed for the purpose by the [F11appropriate regulator] is entitled to attend any meeting of creditors of the debtor summoned under section 257 of the 1986 Act (or Article 231 of the 1989 Order).

(4)Notice of the result of a meeting so summoned is to be given to the [F11appropriate regulator] by the chairman of the meeting.

(5)The [F11appropriate regulator] may apply to the court—

(a)under section 262 of the 1986 Act (or Article 236 of the 1989 Order); or

(b)under section 263 of the 1986 Act (or Article 237 of the 1989 Order).

(6)If a person other than [F12a regulator] makes an application to the court under any provision mentioned in subsection (5), [F13the appropriate regulator] is entitled to be heard at any hearing relating to the application.

[F14(7)"The appropriate regulator” means—

(a)in the case of a PRA-authorised person—

(i)for the purposes of subsections (1) and (4) to (6), each of the FCA and the PRA, and

(ii)for the purposes of subsection (3), the FCA or the PRA;

(b)in any other case, the FCA.

(8)If either regulator makes an application to the court under any of the provisions mentioned in subsection (5) in relation to a PRA-authorised person, the other regulator is entitled to be heard at any hearing relating to the application.]

Textual Amendments

F10Words in s. 357 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 4(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F11Words in s. 357(1)-(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 4(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

358 [F15Powers of FCA and PRA] to participate in proceedings: trust deeds for creditors in Scotland.U.K.

(1)This section applies where a trust deed has been granted by or on behalf of a debtor who is an authorised person [F16or recognised investment exchange].

(2)The trustee must, as soon as practicable after he becomes aware that the debtor is an authorised person [F17or recognised investment exchange], send to the [F18appropriate regulator]—

(a)in every case, a copy of the trust deed;

(b)where any other document or information is sent to every creditor known to the trustee in pursuance of paragraph 5(1)(c) of Schedule 5 to the 1985 Act, a copy of such document or information.

(3)Paragraph 7 of that Schedule applies to the [F18appropriate regulator] as if it were a qualified creditor who has not been sent a copy of the notice as mentioned in paragraph 5(1)(c) of the Schedule.

(4)The [F18appropriate regulator] must be given the same notice as the creditors of any meeting of creditors held in relation to the trust deed.

(5)A person appointed for the purpose by [F19the appropriate regulator] is entitled to attend and participate in (but not to vote at) any such meeting of creditors as if [F20that regulator] were a creditor under the deed.

(6)This section does not affect any right [F21a regulator] has as a creditor of a debtor who is an authorised person [F22or recognised investment exchange].

[F23(6A)"The appropriate regulator” means—

(a)in the case of a PRA-authorised person—

(i)for the purposes of subsections (2), (3) and (4), each of the FCA and the PRA, and

(ii)for the purposes of subsection (5), the FCA or the PRA;

(b)in any other case, the FCA.]

(7)Expressions used in this section and in the 1985 Act have the same meaning in this section as in that Act.

Textual Amendments

F15Words in s. 358 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(7) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F18Words in s. 358(2)-(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.