SCHEDULES
SCHEDULE 14Amendments of Part 24 of FSMA 2000: insolvency
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1
Section 373 (insolvency practitioner's duty to report to Authority) is amended as follows.
2
In subsection (1)—
a
in paragraph (a), omit the words from “by virtue of” to “Authority”,
b
in paragraph (b), for the words from “carried on” to the end substitute
carried on—
i
a regulated activity in contravention of the general prohibition, or
ii
a credit-related regulated activity in contravention of section 20,
c
for “to the Authority without delay” substitute “
without delay to the FCA and, if the regulated activity concerned is a PRA-regulated activity, to the PRA
”
.
3
After that subsection insert—
1A
Subsection (1) does not apply where—
a
the bankruptcy order or sequestration award is in force by virtue of a petition presented by a regulator, and
b
the regulator's petition depended on a contravention by the individual of the general prohibition.
4
In the heading, for “to Authority” substitute “
to FCA and PRA
”
.