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Financial Services and Markets Act 2000
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Changes over time for: Section 357
Version Superseded: 13/03/2018
Alternative versions:
- 01/12/2001- Amendment
- 01/04/2013- Amendment
- 01/03/2016
Point in time - 13/03/2018- Amendment
Status:
Point in time view as at 01/03/2016. This version of this provision has been superseded.
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Financial Services and Markets Act 2000, Section 357 is up to date with all changes known to be in force on or before 21 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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357 [F1Powers of FCA and PRA] to participate in proceedings: individual voluntary arrangements.U.K.
This section has no associated Explanatory Notes
(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 (3) to (6) apply if such an order is made on the application of such a person.
(3)A person appointed for the purpose by the [F2appropriate regulator] is entitled to attend any meeting of creditors of the debtor summoned under section 257 of the 1986 Act (or Article 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 [F3a regulator] makes an application to the court under any provision mentioned in subsection (5), [F4the appropriate regulator] is entitled to be heard at any hearing relating to the application.
[F5(7)"The appropriate regulator” means—
(a)in the case of a PRA-authorised person—
(i)for the purposes of subsections (1) and (4) to (6), each of the FCA and the PRA, and
(ii)for the purposes of subsection (3), 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.
F3Words in s. 357(6) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 4(3)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4Words in s. 357(6) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 4(3)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F5S. 357(7)(8) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 4(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
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