Financial Services and Markets Act 2000

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

This adran has no associated Nodiadau Esboniadol

(1)The [F2appropriate 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 [F3(2A)] to (6) apply if such an order is made on the application of such a person.

[F4(2A)Where under section 257 of the 1986 Act the individual’s creditors are asked to decide whether to approve the proposed voluntary arrangement—

(a)notice of the creditors’ decision procedure must be given to the appropriate regulator; and

(b)the appropriate regulator or a person appointed by the appropriate regulator is entitled to participate in (but not vote in) the creditors’ decision procedure by which the decision is made.

(2B)Notice of the decision made by the creditors’ decision procedure is to be given to the appropriate regulator by the nominee or the nominee’s replacement under section 256(3) or 256A(4) of the 1986 Act.]

(3)A person appointed for the purpose by the [F2appropriate regulator] is entitled to attend any meeting of creditors of the debtor summoned under [F5Article 231 of the 1989 Order].

(4)Notice of the result of a meeting so summoned is to be given to the [F2appropriate regulator] by the chairman of the meeting.

(5)The [F2appropriate 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 [F6a regulator] makes an application to the court under any provision mentioned in subsection (5), [F7the appropriate regulator] is entitled to be heard at any hearing relating to the application.

[F8(7)"The appropriate regulator” means—

[F9(a)in the case of a PRA-authorised person, each of the FCA and the PRA, except that the references in subsections (2A)(b) and (3) to a person appointed by the appropriate regulator are to be read as references to a person appointed by either 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

F1Words 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.

F2Words 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.