Financial Services and Markets Act 2000

356 [F1 Powers 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, [F3 or 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, [F5 or 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 [F6 a regulator] makes an application to the court in relation to the company or insolvent partnership under [F7 any] of those provisions, [F8 the 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

F1 Words 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.

F2 S. 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

F3 Words 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.

F4 S. 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

F5 Words 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.

F6 Words in s. 356(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 3(3)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F7 Word 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

F8 Words in s. 356(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 3(3)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F9 S. 356(4)(5) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 3(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Modifications etc. (not altering text)

C1 S. 356 applied (with modifications) (6.4.2001) by S.I. 2001/1090, regs. 1, 6

C2 S. 356 applied (with modifications) (N.I.) (13.9.2004) by Limited Liability Partnerships Regulations (Northern Ireland) 2004 (S.R. 2004/307), reg. 6

C3 S. 356 applied (with modifications) (E.W.S.) (6.4.2014) by The Industrial and Provident Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014 (S.I. 2014/229), arts. 1, 6 (with art. 10)