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Financial Services and Markets Act 2000
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Changes over time for: Section 358
Version Superseded: 30/11/2016
Alternative versions:
- 01/12/2001- Amendment
- 01/04/2013- Amendment
- 24/03/2016
Point in time - 30/11/2016- Amendment
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Point in time view as at 24/03/2016. This version of this provision has been superseded.
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Financial Services and Markets Act 2000, Section 358 is up to date with all changes known to be in force on or before 17 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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358 [F1Powers of FCA and PRA] to participate in proceedings: trust deeds for creditors in Scotland.U.K.
This section has no associated Explanatory Notes
(1)This section applies where a trust deed has been granted by or on behalf of a debtor who is an authorised person [F2or recognised investment exchange].
(2)The trustee must, as soon as practicable after he becomes aware that the debtor is an authorised person [F3or recognised investment exchange], send to the [F4appropriate regulator]—
(a)in every case, a copy of the trust deed;
(b)where any other document or information is sent to every creditor known to the trustee in pursuance of paragraph 5(1)(c) of Schedule 5 to the 1985 Act, a copy of such document or information.
(3)Paragraph 7 of that Schedule applies to the [F4appropriate regulator] as if it were a qualified creditor who has not been sent a copy of the notice as mentioned in paragraph 5(1)(c) of the Schedule.
(4)The [F4appropriate regulator] must be given the same notice as the creditors of any meeting of creditors held in relation to the trust deed.
(5)A person appointed for the purpose by [F5the appropriate regulator] is entitled to attend and participate in (but not to vote at) any such meeting of creditors as if [F6that regulator] were a creditor under the deed.
(6)This section does not affect any right [F7a regulator] has as a creditor of a debtor who is an authorised person [F8or recognised investment exchange].
[F9(6A)"The appropriate regulator” means—
(a)in the case of a PRA-authorised person—
(i)for the purposes of subsections (2), (3) and (4), each of the FCA and the PRA, and
(ii)for the purposes of subsection (5), the FCA or the PRA;
(b)in any other case, the FCA.]
(7)Expressions used in this section and in the 1985 Act have the same meaning in this section as in that Act.
Textual Amendments
F1Words in s. 358 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(7) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2Words in s. 358(1) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3Words in s. 358(2) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4Words in s. 358(2)-(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F5Words in s. 358(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(4)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F6Words in s. 358(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(4)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F7Words in s. 358(6) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F8Words in s. 358(6) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F9S. 358(6A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 14 para. 5(6) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
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