The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013

The Banks (Former Authorised Institutions) (Insolvency) Order 2006

117.—(1) In the Schedule to the Banks (Former Authorised Institutions) (Insolvency) Order 2006 (modifications of Part 2 of the Insolvency Act in its application to companies that are former authorised institutions)(1)—

(a) in paragraph 4, in the modification of paragraph 12(1) of Schedule B1 to the Insolvency Act 1986—

(i) in sub-paragraph (1), for paragraph (d) substitute—

“(d) the Financial Conduct Authority,

(da) the Prudential Regulation Authority,”;

(ii) for sub-paragraph (1A) substitute—

“(1A) Where an administration application is made to which the Financial Conduct Authority is not a party, the applicant shall, as soon as is reasonably practicable after the making of the application, give notice of the making of the application to the Financial Conduct Authority.

(1B) Where an administration application is made to which the Prudential Regulation Authority is not a party, the applicant shall, as soon as is reasonably practicable after the making of the application, give notice of the making of the application to the Prudential Regulation Authority.”;

(b) in paragraph 5, in the paragraph substituted for paragraph 22 of Schedule B1 to the Insolvency Act 1986, in sub-paragraph (2), for “Financial Services Authority” substitute “Financial Conduct Authority and the Prudential Regulation Authority”;

(c) in paragraph 6, in paragraphs 91A and 91B inserted in Schedule B1 to the Insolvency Act 1986, for “Financial Services Authority” substitute “Financial Conduct Authority or the Prudential Regulation Authority”;

(d) in paragraph 7, in paragraph 117 inserted in Schedule B1 to the Insolvency Act 1986—

(i) omit sub-paragraph (1);

(ii) in sub-paragraphs (2) and (3) for “Authority” substitute “Financial Conduct Authority and the Prudential Regulation Authority”;

(iii) in sub-paragraphs (4) and (5) for “Authority” substitute “Financial Conduct Authority or the Prudential Regulation Authority”;

(iv) in the heading, for “Financial Services Authority” substitute “Financial Conduct Authority and Prudential Regulation Authority”.

(1)

S.I. 2006/3107.