General
I115 Amendments of Financial Services and Markets Act 2000 and repeals.
1
The enactments mentioned in Schedule 5 are repealed to the extent specified.
2
For the purposes of the M1Financial Services and Markets Act 2000, the functions conferred on the Financial Services Authority by virtue of Schedules 1 and 2 are to be treated as conferred by that Act.
3
Section 356 of that Act (Authority’s powers to participate in proceedings: company voluntary arrangements) is amended as follows—
a
for subsection (1), there is substituted—
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, the Authority may apply to the court under section 6 or 7 of that Act.
b
for subsection (2), there is substituted—
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, the Authority may apply to the court under Article 19 or 20 of that Order.
c
in subsection (3), for “either” there is substituted “
any
”
.