Financial Services and Markets Act 2000

357 [F1 Powers of FCA and PRA] to participate in proceedings: individual voluntary arrangements. U.K.

(1) The [F2 appropriate 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 [F2 appropriate 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 [F2 appropriate regulator] by the chairman of the meeting.

(5) The [F2 appropriate 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 [F3 a regulator] makes an application to the court under any provision mentioned in subsection (5), [F4 the 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

F1 Words 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.

F2 Words 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.

F3 Words 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.

F4 Words 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.

F5 S. 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.