SCHEDULES
SCHEDULE 14Amendments of Part 24 of FSMA 2000: insolvency
I17
1
Section 361 (administrator's duty to report) is amended as follows.
2
For subsection (2) substitute—
2
If the administrator thinks that the company or partnership is carrying on, or has carried on—
a
a regulated activity in contravention of the general prohibition, or
b
a credit-related regulated activity in contravention of section 20,
the administrator must report the matter to the appropriate regulator without delay.
3
After subsection (2) insert—
2A
The appropriate regulator” means—
a
where the regulated activity is a PRA-regulated activity, the FCA and the PRA;
b
in any other case, the FCA.
4
For subsection (3) substitute—
3
Subsection (2) does not apply where—
a
the administration arises out of an administration order made on an application made or petition presented by a regulator, and
b
the regulator's application or petition depended on a contravention by the company or partnership of the general prohibition.
5
In the heading, for “Authority” substitute “
FCA and PRA
”
.