Insolvency Act 1986

[F1 Functions of the [F2 Financial Conduct Authority and Prudential Regulation Authority] E+W+S

Textual Amendments

F1 Sch. A1 inserted (11.5.2001 so far as is necessary to give effect to Sch. A1 paras. 5, 45(1)-(3)(5) and 1.1.2003 in so far as not already in force) by 2000 c. 39, s. 1, Sch. 1 para. 4; S.I. 2001/1751, art. 2; S.I. 2002/2711, art. 2 (subject to transitional provisions in arts. 3-5)

F2 Words in Sch. A1 para. 44 cross-heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 54(16) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

44 (1) This Schedule has effect in relation to a moratorium for a regulated company with the modifications in sub-paragraphs (2) to (16) below. E+W+S

(2) Any notice or other document required by virtue of this Schedule to be sent to a creditor of a regulated company must also be sent to the [F3 appropriate regulator].

(3) The [F3 appropriate regulator] is entitled to be heard on any application to the court for leave under paragraph 20(2) or 20(3) (disposal of charged property, etc.).

(4) Where paragraph 26(1) (challenge of nominee’s actions, etc.) applies, the persons who may apply to the court include the [F3 appropriate regulator].

(5) If a person other than [F4 a regulator] applies to the court under that paragraph, [F5 the appropriate regulator] is entitled to be heard on the application.

(6) Where paragraph 27(1) (challenge of nominee’s actions, etc.) applies, the persons who may apply to the court include the [F6 appropriate regulator].

(7) If a person other than [F7 a regulator] applies to the court under that paragraph, [F8 the appropriate regulator] is entitled to be heard on the application.

[F9 (8) The appropriate regulator must be given notice of any qualifying decision procedure by which a decision of the company's creditors is sought for the purposes of this Schedule.

(8A) The appropriate regulator, or a person appointed by the appropriate regulator, may in the way provided for by the rules participate in (but not vote in) any qualifying decision procedure by which a decision of the company's creditors is sought for the purposes of this Schedule.]

(9) A person appointed for the purpose by the [F10 appropriate regulator] is entitled to attend and participate in (but not to vote at)—

F11 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) any meeting of a committee established under paragraph 35 (moratorium committee).

(10) The [F10 appropriate regulator] is entitled to be heard on any application under paragraph 36(3) (effectiveness of decisions).

(11) Where paragraph 38(1) (challenge of decisions) applies, the persons who may apply to the court include the [F10 appropriate regulator].

(12) If a person other than [F12 a regulator] applies to the court under that paragraph, [F13 the appropriate regulator] is entitled to be heard on the application.

(13) Where paragraph 39(3) (implementation of voluntary arrangement) applies, the persons who may apply to the court include the [F14 appropriate regulator].

(14) If a person other than [F15 a regulator] applies to the court under that paragraph, [F16 the appropriate regulator] is entitled to be heard on the application.

(15) Where paragraph 40(2) (challenge of directors’ actions) applies, the persons who may apply to the court include the [F17 appropriate regulator].

(16) If a person other than [F18 a regulator] applies to the court under that paragraph, [F19 the appropriate regulator] is entitled to be heard on the application.

[F20 (16A) If either regulator makes an application to the court under any of the provisions mentioned in sub-paragraphs (5), (7), (12), (14) or (16) in relation to a PRA-regulated company, the other regulator is entitled to be heard on the application.]

(17) This paragraph does not prejudice any right the [F21 appropriate regulator] has (apart from this paragraph) as a creditor of a regulated company.

[F22 (17A) The appropriate regulator” means—

(a) for the purposes of sub-paragraphs (2) to (8) and (10) to (17)—

(i) where the regulated company is a PRA-regulated company, each of the Financial Conduct Authority and the Prudential Regulation Authority, and

(ii) in any other case, the Financial Conduct Authority;

(b) for the purposes of [F23 sub-paragraphs (8A) and] (9)—

(i) where the regulated company is a PRA-regulated company, the Financial Conduct Authority or the Prudential Regulation Authority, and

(ii) in any other case, the Financial Conduct Authority.]

(18) In this paragraph—

• [F24 “PRA-authorised person” has the meaning given by section 2B(5) of the Financial Services and Markets Act 2000;

• “PRA-regulated company” means a regulated company which—

  (a)

  is, or has been, a PRA-authorised person,

  (b)

  is, or has been, an appointed representative within the meaning given by section 39 of the the Financial Services and Markets Act 2000, whose principal (or one of whose principals) is, or was, a PRA-authorised person, or

  (c)

  is carrying on, or has carried on, a PRA-regulated activity in contravention of the general prohibition;]

• “regulated company” means a company which—

  (a)

  is, or has been, an authorised person within the meaning given by section 31 of the M1 Financial Services and Markets Act 2000,

  (b)

  is, or has been, an appointed representative within the meaning given by section 39 of that Act, or

  (c)

  is carrying on, or has carried on, a regulated activity, within the meaning given by section 22 of that Act, in contravention of the general prohibition within the meaning given by section 19 of that Act.

• [F25 “regulator” means the Financial Conduct Authority or the Prudential Regulation Authority.]]

Textual Amendments

F3 Words in Sch. A1 para. 44(2)-(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 54(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F4 Words in Sch. A1 para. 44(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 54(3)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F5 Words in Sch. A1 para. 44(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 54(3)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F6 Words in Sch. A1 para. 44(6) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 54(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F7 Words in Sch. A1 para. 44(7) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 54(5)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F8 Words in Sch. A1 para. 44(7) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 54(5)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F9 Sch. A1 para. 44(8)(8A) substituted for Sch. A1 para. 44(8) (26.5.2015 for specified purposes, 6.4.2017 for E.W. in so far as not already in force) by Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 9 para. 9(45); S.I. 2015/1329, reg. 3(d); S.I. 2016/1020, reg. 4(e) (with reg. 5) (as amended by S.I. 2017/363, reg. 3)

F10 Words in Sch. A1 para. 44(8)-(11) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 54(6) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F11 Sch. A1 para. 44(9)(a) omitted (26.5.2015 for specified purposes, 6.4.2017 for E.W. in so far as not already in force) by virtue of Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 9 para. 9(46); S.I. 2015/1329, reg. 3(d); S.I. 2016/1020, reg. 4(e) (with reg. 5) (as amended by S.I. 2017/363, reg. 3)

F12 Words in Sch. A1 para. 44(12) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 54(7)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F13 Words in Sch. A1 para. 44(12) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 54(7)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F14 Words in Sch. A1 para. 44(13) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 54(8) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F15 Words in Sch. A1 para. 44(14) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 54(9)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F16 Words in Sch. A1 para. 44(14) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 54(9)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F17 Words in Sch. A1 para. 44(15) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 54(10) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F18 Words in Sch. A1 para. 44(16) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 54(11)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F19 Words in Sch. A1 para. 44(16) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 54(11)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F20 Sch. A1 para. 44(16A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 54(12) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F21 Words in Sch. A1 para. 44(17) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 54(13) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F22 Sch. A1 para. 44(17A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 54(14) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F23 Words in Sch. A1 para. 44(17A)(b) substituted (26.5.2015 for specified purposes, 6.4.2017 for E.W. in so far as not already in force) by Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 9 para. 9(47); S.I. 2015/1329, reg. 3(d); S.I. 2016/1020, reg. 4(e) (with reg. 5) (as amended by S.I. 2017/363, reg. 3)

F24 Words in Sch. A1 para. 44(18) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 54(15)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F25 Words in Sch. A1 para. 44(18) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 54(15)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Marginal Citations

M1 2000 c. 8.